Document:

Exhibit 10.25

 

FOURTH AMENDMENT TO THE CREDIT AGREEMENT

 

FOURTH AMENDMENT, dated as of April 5, 2004 (this “Amendment”), to the Credit Agreement,
dated as of April 3, 2001 (as amended, supplemented, or otherwise modified
from time to time, the “Credit Agreement”), among CITADEL BROADCASTING
COMPANY, a Nevada corporation (the “Company”), CITADEL COMMUNICATIONS
CORP. (“Intermediate Holding”), a Nevada corporation, and CITADEL
BROADCASTING CORPORATION (formerly known as FLCC HOLDINGS, INC.), a Delaware
corporation (“HoldCo”), the several lenders from time to time parties
thereto (the “Lenders”), JPMORGAN CHASE BANK, a New York banking
corporation, as administrative agent for the Lenders (in such capacity, the “Administrative
Agent”) FLEET NATIONAL BANK, as Documentation Agent (in such capacity, the
“Documentation Agent”), and the financial institutions named therein as
syndication agents for the Lenders (in such capacity, collectively, the “Syndication
Agents”: each, individually, a “Syndication Agent”).

 

W  I  T  N  E  S
S  E  T  H:

 

WHEREAS, the Company, Intermediate Holding, HoldCo, the Lenders, the
Administrative Agent and the Syndication Agents are parties to the Credit
Agreement;

 

WHEREAS, the Company wishes to implement a $57,500,000 Incremental
Revolving Loan Facility and a $57,500,000 Incremental Term Loan Facility
pursuant to Section 16.13 of the Credit Agreement;

 

WHEREAS, the Company has requested that the Lenders amend certain other
provisions of the Credit Agreement as set forth herein;

 

WHEREAS, the Lenders, the Administrative Agent and the Syndication
Agents are willing to agree to such amendments to the Credit Agreement, subject
to the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration of the premises and mutual covenants
contained herein, the Company, Intermediate Holding, HoldCo, the Lenders, the
Administrative Agent and the Syndication Agents hereby agree as follows:

 

1.                                       Defined Terms. Unless otherwise defined herein,
capitalized terms which are defined in the Credit Agreement are used herein as
therein defined.

 

2.                                       Implementation of Incremental Revolving Loan
Facility. Pursuant to
Section 16.l3(b) of the Credit Agreement, the Company has delivered to the
Administrative Agent an Incremental Facility Activation Notice with respect to the
implementation of an Incremental Revolving Loan Facility in the aggregate
amount of $57,500,000 effective April 5, 2004 and maturing on
March 31, 2009.

 

3.                                       Implementation of Incremental Term Loan
Facility. Pursuant to
Section 16.13(b) of the Credit Agreement, the Company has delivered to the
Administrative Agent an Incremental Facility Activation Notice with respect to
the implementation of an Incremental

 

 

Term
Loan Facility in the aggregate amount of $57,500,000 effective April 5,
2004 and maturing on March 31, 2009.

 

4.                                       Amendment to Section 1.1 (Defined Terms). The first paragraph of the definition of
“Consolidated EBITDA” in Section 1.1 of the Credit Agreement is hereby
amended by (i) deleting the word “and” from the end of clause of (j) and substituting
therefor a comma, (ii) deleting the period from the end of clause (k) and
substituting therefor the word “and” and (iii) adding the following clause (1)
at the end thereof:

 

(1) management fees payable by the Company to HoIdCo as permitted by
clause (f) of Section 13.10.

 

5.                                       Amendment to Section 12.2 (Certificates;
Other Information).
Section 12.2(e) of the Credit Agreement is hereby amended by adding the
following phrase immediately after the semicolon:

 

provided,
however, that such management summary need not be furnished so long as HoldCo
or the Company is a reporting company under the Securities Exchange Act of
1934, as amended.

 

6.                                       Amendment to Section 12.8 (Additional
Subsidiary Guarantors: Pledge of Stock of Additional Subsidiaries). Section 12.8 of the Credit Agreement
is hereby amended by adding the following paragraph (d) at the end thereof:

 

(d) Notwithstanding the
foregoing, the requirements of paragraphs (a) and (c) above shall not apply to
acquisitions of Material Subsidiaries made after April 5, 2004 to the
extent the aggregate consideration for such acquisitions does not exceed
$100,000,000 (i.e., such Material Subsidiaries shall not be required to become
Guarantors and the Capital Stock of such Material Subsidiaries shall not be
required to be pledged).

 

7.                                       Amendment to Section 13.1 (Financial
Condition Covenants).
Section 13.1(c) of the Credit Agreement is hereby amended by (i) deleting
the word “to” immediately before clause (ii) and substituting therefor the
phrase “minus management fees payable by the Company to HoldCo as permitted by
clause (f) of Section 13.10 to”.

 

8.                                       Amendment to Section 13.5 (Prohibition
of Fundamental Changes).
Section 13.5 of the Credit Agreement is hereby amended by (i) deleting the
word “and” from the end of clause (a) and substituting therefor a comma, (ii)
deleting the period from the end of clause (b) and substituting therefor the
word “and” and (iii) adding the following clause (c) at the end thereof;

 

(c) Intermediate Holding may be merged, liquidated or dissolved into
HoldCo, with HoldCo being the surviving corporation of such merger, liquidation
or dissolution (and after giving effect to such merger, liquidation or
dissolution, all references in the Credit Documents to HoldCo and Intermediate
Holding shall be deemed to be modified as appropriate to reflect the change in
corporate structure effected by such

 

2

 

merger, it being understood, without limitation, that references in
Section 12.8 to Intermediate Holding shall refer to the surviving
corporation of such merger, liquidation or dissolution).

 

9.                                       Amendment to Section 13.9 (Limitation on
Dividends).
Section 13.9 of the Credit Agreement is hereby amended by (i) deleting the
word “and” from the end of paragraph (g), (ii) adding the word “and” to the end
of paragraph (h) and (iii) adding the following paragraph (i) at the end
thereof:

 

(i)                                     the Company may pay dividends to Intermediate
Holding and Intermediate Holding may pay such dividends to HoldCo in an
aggregate amount of up to $50,000,000 to be used by HoldCo solely for (i) the
repurchase, redemption, retirement or other acquisition of HoldCo capital stock
and (ii) the payment of dividends on HoldCo capital stock; provided,
however, that no such dividends shall by payable by the Company or Intermediate
Holding if a Default or Event of Default then exists or would result from the
payment of such dividends.

 

10.                                 Amendment to Section 13.10 (Transactions
with Affiliates).
Section 13.10 of the Credit Agreement is hereby amended by (i) deleting
the period from the end of clause (e) and substituting therefor the word “or”
and (ii) adding the following clause (f) at the end thereof:

 

(f)                                    the Company may pay management fees to HoldCo
in an amount up to $2,000,000 per fiscal year pursuant to a management services
agreement to be entered into between the Company and HoldCo; provided,
however, that no such management fees shall be payable to HoldCo if the Company
would not be in compliance with the provisions of Section 13.1(c) on a pro
forma basis after giving effect to such payment or if a Default or Event of
Default then exists.

 

11.                                 Amendment to Section 14 (Events of
Default). (a)
Section 14(k) of the Credit Agreement is hereby amended by adding the
following immediately before the second comma:

 

(it being understood that following the merger, liquidation or
dissolution of Intermediate Holding into HoldCo as permitted by clause (c) of
Section 13.5, none of the events described in the first two clauses of
this paragraph (k) shall constitute an Event of Default as long as HoldCo owns
100% of the issued and outstanding capital stock of the Company and all such
capital stock is pledged pursuant to the HoldCo Pledge Agreement)

 

(b)                                 Section 14 of the Credit Agreement is hereby
amended by (i) deleting the “or” from the end of paragraph (m), (ii) adding the
word “or” to the end of paragraph (n) and (iii) adding the following paragraph
(o) at the end thereof:

 

(o)                                 a “Fundamental Change” occurs, as such term
is defined in the instrument or agreement under which the HoldCo Convertible
Notes were created.

 

3

 

12.                                 Amendment to Section 16.13 (Incremental
Facility).
Section 16.13 of the Credit Agreement is hereby amended by deleting the
second sentence following clause (ii) of paragraph (a) and substituting
therefor the following:

 

Each Incremental Facility
must not mature (i.e., require scheduled principal payments) earlier than
March 31, 2009.

 

13.                                 Representations and Warranties. The Company hereby confirms, reaffirms and
restates the representations and warranties set forth in Section 10 of the
Credit Agreement. The Company represents and warrants that, after giving effect
to this Amendment, no Default or Event of Default has occurred and is
continuing.

 

14.                                 Effectiveness. This Amendment shall become effective on
the date (the “Effective Date”) on which the Administrative Agent
notifies the Company that it has received (a) counterparts of this Amendment
duly executed by the Company, Intermediate Holding, HoldCo and the Required
Lenders and (b) a certificate from the Company certifying that the Incremental
Facilities referred to in Sections 2 and 3 of this Amendment are permitted by
Section 16.13(a) of the Credit Agreement.

 

15.                                 Continuing Effect of the Credit Agreement. This Amendment shall not constitute an
amendment of any other provision of the Credit Agreement not expressly referred
to herein and shall not be construed as a waiver or consent to any further or
future action on the part of the Company that would require a waiver or consent
of the Lenders, the Administrative Agent or the Syndication Agents. Except as
expressly amended hereby, the provisions of the Credit Agreement are and shall
remain in full force and effect.

 

16.                                 Counterparts. This Amendment may be executed by the
parties hereto in any number of separate counterparts (including telecopied
counterparts), each of which shall be deemed to be an original, and all of
which taken together shall be deemed to constitute one and the same instrument.

 

17.                                 GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK

 

4

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered by their respective proper and duly authorized
officers as of the day and year first above written.

 

	
   

  	
  CITADEL
  BROADCASTING COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Randy L. Taylor

  	
   

  
	
   

  	
   

  	
  Name: 

  	
  Randy L. Taylor

  
	
   

  	
   

  	
  Title: 

  	
  V.P. Finance

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CITADEL
  COMMUNICATIONS CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Randy L. Taylor

  	
   

  
	
   

  	
   

  	
  Name: 

  	
  Randy L. Taylor

  
	
   

  	
   

  	
  Title: 

  	
  V.P. Finance

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CITADEL
  BROADCASTING CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Randy L. Taylor

  	
   

  
	
   

  	
   

  	
  Name: 

  	
  Randy L. Taylor

  
	
   

  	
   

  	
  Title: 

  	
  V.P. Finance

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  JPMORGAN
  CHASE BANK as Administrative Agent and

  as a Bank

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Tracey Navin Ewing

  	
   

  
	
   

  	
   

  	
  Name: 

  	
  Tracey Navin Ewing

  
	
   

  	
   

  	
  Title: 

  	
  Vice
  President

  
					

 

5

 

	
   

  	
  FLEET
  NATIONAL BANK, as Documentation Agent and

  
	
   

  	
   

  	
  as
  a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kay H. Campbell

  	
   

  
	
   

  	
   

  	
  Name:
  

  	
  Kay H. Campbell

  
	
   

  	
   

  	
  Title:
  

  	
  Director

  
					

 

6

 

	
   

  	
  CITADEL
  BROADCASTING COMPANY

  
	
   

  	
  FOURTH
  AMENDMENT DATED AS OF APRIL      , 2004

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian Combs

  	
   

  
	
   

  	
   

  	
  Name:
  

  	
  Brian Combs

  
	
   

  	
   

  	
  Title:
  

  	
  Vice
  President

  
					

 

7

 

	
   

  	
  CITADEL
  BROADCASTING COMPANY

  
	
   

  	
  FOURTH AMENDMENT DATED AS OF
  APRIL      , 2004

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BNP
  PARIBAS

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Stephanie Rogers

  	
   

  
	
   

  	
  Name

  	
  Stephanie Rogers

  
	
   

  	
  Title

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Gregg Bonardi

  	
   

  
	
   

  	
  Name

  	
  GREGG BONARDI

  	
   

  
	
   

  	
  Title

  	
  Director

  	
   

  
	
   

  	
   

  	
   

  	
  Media & Telecom Finance

  	
   

  
	
   

  	
   

  	
   

  
						

 

7

 

	
   

  	
  CITADEL
  BROADCASTING COMPANY

  
	
   

  	
  FOURTH AMENDMENT DATED AS OF
  APRIL      , 2004

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CREDIT
  SUISSE FIRST BOSTON,

  acting through its Cayman Islands Branch

  	
   

  
	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bill O’ Daly

  	
   

  
	
   

  	
   

  	
  Name:
  

  	
  BILL O’ DALY

  	
   

  
	
   

  	
   

  	
  Title:
  

  	
  DIRECTOR

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Cassandra Droogan

  	
   

  
	
   

  	
   

  	
  Name:
  

  	
  CASSANDRA
  DROOGAN

  	
   

  
	
   

  	
   

  	
  Title:
  

  	
  ASSOCIATE

  	
   

  
								

 

7

 

	
   

  	
  CITADEL
  BROADCASTING COMPANY

  
	
   

  	
  FOURTH AMENDMENT DATED AS OF
  APRIL      , 2004

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COOPERATIEVE
  CENTRALE RAIFFEISEN-

  BOERENLEEN BANK B.A., “RABOBANK

  NEDERLAND”, NEW YORK BRANCH

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Douglas Zyistra

  	
   

  
	
   

  	
   

  	
  Name:
  

  	
  Douglas Zyistra

  
	
   

  	
   

  	
  Title:
  

  	
  Senior
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brett Delfino

  	
   

  
	
   

  	
   

  	
  Name:
  

  	
  Brett Delfino

  	
   

  
	
   

  	
   

  	
  Title:
  

  	
  Executive Director

  	
   

  
						

 

7

 

	
   

  	
  CITADEL
  BROADCASTING COMPANY

  
	
   

  	
  FOURTH AMENDMENT DATED AS OF
  APRIL      , 2004

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WACHOVIA
  BANK, NATIONAL ASSOCIATION

  	
   

  
	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Russ Lyons

  	
   

  
	
   

  	
   

  	
  Name:
  

  	
  Russ Lyons

  
	
   

  	
   

  	
  Title:
  

  	
  Director

  
					

 

7

 

	
   

  	
  CITADEL
  BROADCASTING COMPANY

  
	
   

  	
  FOURTH AMENDMENT DATED AS OF
  APRIL      , 2004

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CREDIT
  AGRICOLE INDOSUEZ

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul A. Dytrych

  	
   

  
	
   

  	
  Name:
  

  	
  Paul A. Dytrych

  
	
   

  	
  Title:
  

  	
  Vice
  President

  
	
   

  	
   

  	
   

  	
  Senior Relationship  Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Laurence F. Grant

  	
   

  
	
   

  	
  Name:

  	
  Laurence
  P. Grant

  
	
   

  	
  Title:

  	
  First
  Vice President

  
						

 

7

 

	
   

  	
  CITADEL
  BROADCASTING COMPANY

  
	
   

  	
  FOURTH
  AMENDMENT DATED AS OF APRIL      , 2004

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE
  BANK OF NOVA SCOTIA

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brenda S. Insull

  	
   

  
	
   

  	
  Name:
   Brenda S. Insull

  
	
   

  	
  Title:
   Authorized Signatory

  
				

 

7

 

	
   

  	
  CITADEL
  BROADCASTING COMPANY

  
	
   

  	
  FOURTH AMENDMENT DATED AS OF
  APRIL      , 2004

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK

  	
   

  
	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John C. Lambert

  	
   

  
	
   

  	
   

  	
  Name:
  

  	
  John C. Lambert

  
	
   

  	
   

  	
  Title:
  

  	
  Senior
  Vice President

  
					

 

7

 

	
   

  	
  CITADEL
  BROADCASTING COMPANY

  
	
   

  	
  FOURTH AMENDMENT DATED AS OF
  APRIL      , 2004

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  U.S. Bank National Association

  	
   

  
	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jaycee A. Earll

  	
   

  
	
   

  	
   

  	
  Name:
  

  	
  Jaycee A. Earll

  
	
   

  	
   

  	
  Title:
  

  	
  Vice
  President

  
					

 

7

 

	
   

  	
  CITADEL
  BROADCASTING COMPANY

  
	
   

  	
  FOURTH AMENDMENT DATED AS OF
  APRIL      , 2004

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Deutsche Bank Trust Company Americas

  	
   

  
	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gregory Shefrin

  	
   

  
	
   

  	
   

  	
  Name:
  

  	
  Gregory Shefrin

  	
   

  
	
   

  	
   

  	
  Title:
  

  	
  Director

  	
   

  
						

 

7

 

	
   

  	
  CITADEL
  BROADCASTING COMPANY

  
	
   

  	
  FOURTH AMENDMENT DATED AS OF
  APRIL      , 2004

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NATIONAL CITY BANK

  	
   

  
	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ELIZABETH A. BROSKY

  	
   

  
	
   

  	
   

  	
  Name:
  

  	
  ELIZABETH A. BROSKY

  
	
   

  	
   

  	
  Title:
  

  	
  VICE
  PRESIDENT

  
					

 

7

 

	
   

  	
  CITADEL
  BROADCASTING COMPANY

  
	
   

  	
  FOURTH AMENDMENT DATED AS OF
  APRIL      , 2004

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EATON VANCE

  VT FLOATING RATE INCOME FUND

  BY: EATON VANCE MANAGEMENT

  AS INVESTMENT ADVISOR

  	
   

  
	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael B. Botthof

  	
   

  
	
   

  	
   

  	
  Name:
  Michael B. Botthof

  
	
   

  	
   

  	
  Title:
  Vice President

  
				

 

7

 

	
   

  	
  CITADEL
  BROADCASTING COMPANY

  
	
   

  	
  FOURTH AMENDMENT DATED AS OF
  APRIL      , 2004

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  SENIOR
  DEBT PORTFOLIO

  	
   

  
	
   

  	
   

  	
  By:
  

  	
  Boston
  Management and Research

  	
   

  
	
   

  	
   

  	
   

  	
  as
  Investment Advisor

  	
   

  
	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael B. Botthof

  	
   

  
	
   

  	
   

  	
  Name:
  

  	
  Michael B. Botthof

  
	
   

  	
   

  	
  Title:
  

  	
  Vice
  President

  
						

 

7

 

	
   

  	
  CITADEL
  BROADCASTING COMPANY

  
	
   

  	
  FOURTH AMENDMENT DATED AS OF
  APRIL      , 2004

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GRAYSON & CO

  BY: BOSTON MANAGEMENT AND RESEARCH

  AS INVESTMENT ADVISOR

  	
   

  
	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael B. Botthof

  	
   

  
	
   

  	
   

  	
  Name:
  

  	
  Michael B. Botthof

  
	
   

  	
   

  	
  Title:
  

  	
  Vice
  President

  
					

 

7

 

	
   

  	
  CITADEL
  BROADCASTING COMPANY

  
	
   

  	
  FOURTH AMENDMENT DATED AS OF
  APRIL      , 2004

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EATON VANCE [ILLEGIBLE] SENIOR LOAN FUND

  BY: EATON VANCE MANAGEMENT

  AS INVESTMENT ADVISOR

  	
   

  
	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael B. Botthof

  	
   

  	 

	
   

  	
   

  	
  Name:
  

  	
  Michael B. Botthof

  
	
   

  	
   

  	
  Title:
  

  	
  Vice
  President

  
							

 

7

 

	
   

  	
  CITADEL
  BROADCASTING COMPANY

  
	
   

  	
  FOURTH AMENDMENT DATED AS OF
  APRIL      , 2004

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  OXFORD STRATEGIC INCOME FUND

  BY: EATON VANCE MANAGEMENT

  AS INVESTMENT ADVISOR

  	
   

  
	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael B. Botthof

  	
   

  
	
   

  	
   

  	
  Name:
  

  	
  Michael B. Botthof

  
	
   

  	
   

  	
  Title:
  

  	
  Vice
  President

  
						

 

7

 

	
   

  	
  CITADEL
  BROADCASTING COMPANY

  
	
   

  	
  FOURTH AMENDMENT DATED AS OF
  APRIL      , 2004

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COSTANTINUS EATON VANCE CDO V, LTD.

  BY: EATON VANCE MANAGEMENT

  AS INVESTMENT ADVISOR

  	
   

  
	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael B. Botthof

  	
   

  
	
   

  	
   

  	
  Name:
  

  	
  Michael B. Botthof

  
	
   

  	
   

  	
  Title:
  

  	
  Vice
  President

  
						

 

7

 

	
   

  	
  CITADEL
  BROADCASTING COMPANY

  
	
   

  	
  FOURTH AMENDMENT DATED AS OF
  APRIL      , 2004

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BIG SKY SENIOR LOAN FUND, LT.

  BY: EATON VANCE MANAGEMENT

  AS INVESTMENT ADVISOR

  	
   

  
	
   

  	
  [LENDER]

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael B. Botthof

  	
   

  
	
   

  	
   

  	
  Name:
  

  	
  Michael B. Botthof

  
	
   

  	
   

  	
  Title:
  

  	
  Vice
  President

  
						

 

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Exhibit 10.1    
    

	

 	 	2004 EXECUTIVE ANNUAL INCENTIVE PLAN (AIP)
 

WHO PARTICIPATES:  

	•
	Key
executives designated by the Chairman of the Board based on qualifying factors established by the Organization and Compensation Committee (the Committee) of the Board of
Directors 

FUNDING THE OVERALL AIP AWARD POOL:  

	•
	The
2004 AIP is funded based on achievement of the company's three financial metrics: Net Earnings, Sales Growth and Net Working Capital. **

	•
	AIP
funding is based on the participant's assigned AIP level, at target, but may vary based on final available funding. While positions are funded at
this target, actual payments are determined by following the Opportunity Award Guidelines.

	•
	Each
Commercial Division will have funding increased or decreased based on divisional performance assessment

	•
	CEO
corporate staff will have funding increased or decreased based on company-wide performance assessment

	•
	The
company must achieve a minimum of $2.82 EPS for any funding of AIP awards, regardless of any other financial or non-financial results or individual
performance.

	•
	EPS
must exceed $3.19 for financial targets to be funded above target. **

	•
	An
interpolated incentive award percentage is calculated for incremental results that fall between achievement levels for financial results.

	•
	Achievement
of financial metrics as publicly reported does not guarantee payments under the plan. 

AIP AWARD DETERMINATION—Opportunity Award Guidelines:  

	•
	Opportunity
Award guidelines provide maximum flexibility to recognize and reward performance achievement. Because each Commercial Division and CEO staff has a pool for
funding awards that cannot be exceeded, the actual award percentage an employee receives will be determined by his or her division performance, individual performance,  and the overall percentage
distribution of NI/AIR/AIRD within the division/staff pool. The formula for calculating the Opportunity Award is:

—Bonus Target × Corporate Payout Factor × Div/Group Payout Factor × Individual Performance Assessment (zero
sum rollup to Divisional President Level)

	•
	The
Opportunity Award is calculated by multiplying the percentage awarded based on individual performance by the participant's actual 2004 base pay earnings. Actual base pay
earnings are defined as regular salary earned through the last payroll period in 2004.

	•
	The
sum of all Opportunity Awards cannot exceed the available AIP award pool funding. 

AIP ADMINISTRATION GUIDELINES:  

	•
	The
Committee administers the AIP on behalf of the company. This responsibility includes interpretation of the plan and the sole and absolute discretion to establish plan
provisions, performance measures, performance targets, specific award levels, payment methodology and timing, and participation eligibility. All committee interpretations, determinations and actions 

will
be final, conclusive and binding on all participants. The committee has authorized the Chairman of the Board as its designee in matters of annual plan administration upon its approval of
performance measures and targets. 

AIP TERMS AND CONDITIONS:  

	1.
	All
Corporate financial results will be measured on an "as reported" basis with no adjustment for any effect of currency fluctuations.

	2.
	Certain
qualifying events, including mergers, acquisitions and divestitures, and legal settlements, may cause a modification to the financial measurements or calculations based on
reportable information. These events must be: 1) unanticipated; 2) non-recurring; 3) material; 4) not part of normal business operations; and/or
5) identified as an exception approved by the Chief Executive Officer and the Organization and Compensation Committee of the Board of Directors.

	3.
	To
be eligible for an AIP award, a participant must be in active pay status continuously through the last company-scheduled workday of the year. Partial payments may be considered
subject to the full discretion of the Committee or its designee, for retirees as defined by the company's retirement plan, who leave before the end of the plan year.

	4.
	The
Committee or its designee may determine in its sole and absolute discretion, the status and incentive award level for any participant whose responsibilities are changed, and of any
key employee who becomes eligible to participate in the plan after the beginning of the performance period.

	5.
	AIP
awards are payable either in cash or stock at the Company's discretion.

	6.
	The
Committee at any time and from time to time may terminate, suspend, modify or amend the plan. Nothing in this plan or any award granted shall confer on a participant any right to
continue in the employ of the company or interfere in any way with the right of the company to terminate anyone's employment. 

** Operational Definitions:  

	•
	Net
Earnings: Net Earnings is defined as the amount remaining after all costs, expenses and taxes have been deducted from total worldwide sales. For plan purposes, the
company is targeting Net Earnings for FY "04 between $207.3 and $210.0 million.

	•
	Sales
Growth: Sales Growth is measured as a percentage over FY "03 sales of $2,192.5 billion. For plan purposes, the Company is targeting sales growth at 8.5% over FY "03
performance (in "as reported" currency).

	•
	Net
Working Capital Margin: Net Working Capital Margin is a measure of the company's financial efficiency. At Beckman Coulter, Inc. it consists of Trade and Other
Receivables plus Inventory less Accounts Payables. For AIP purposes it is measured as a percent of sales. For 2004, the Net Working Capital Margin target is 36.80% based on a five-point
average. 

2004 Financial Metrics

Funding Formula  

	NET EARNINGS TARGET (40%)
	 	SALES GROWTH (40%)
	 	2004 NET WORKING CAPITAL (20%)
	 
	 	Performance

as a % of

Growth

(Over FY '03)
	 	 
	 
	Financial

Target
	 	% of Target

Earned
	 	% of Target

Earned
	 	Performance

Level
	 	% of Target

Earned
	 
	$217.40	 	200.00	%	12.00	%	200.00	%	35.80	%	200.00	%
	$214.93	 	166.67	%	10.83	%	166.67	%	36.13	%	166.67	%
	$212.47	 	133.33	%	9.67	%	133.33	%	36.47	%	133.33	%
	$210.00	 	100.00	%	8.50	%	100.00	%	36.80	%	100.00	%
	$207.30	 	100.00	%	6.38	%	55.95	%	36.90	%	80.00	%
	$203.30	 	66.67	%	4.25	%	30.95	%	37.00	%	60.00	%
	Below $201	 	0.0	%	2.13	%	14.29	%	37.10	%	40.00	%
	 	 	 	 	0.00	%	0.00	%	37.20	%	20.00	%
	 	 	 	 	 	 	 	 	Over 37.20	%	0.00	%

	•
	Minimum EPS gate of $2.82 must be achieved for the year before any payout under the plan.

	•
	EPS must exceed gate of $3.19 for financial metrics payments above target to occur

	•
	Sales growth at target includes EITF adjustment for internal variable pay calculations

	•
	An interpolated incentive award percentage is calculated for incremental results that fall between achievement levels for financial
results

	•
	Achievement of financial metrics as publicly reported does not guarantee payments under the plan

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Exhibit 10.1

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