Document:

EX-10.4

Exhibit 10.4

REGISTRATION RIGHTS AGREEMENT

     This Registration Rights Agreement (this “Agreement”) is entered into as of
March 26, 2009, by and among CMP Susquehanna Radio Holdings Corp., a Delaware corporation (the
“Company”), and the initial holders of shares of the Company’s Series A Preferred and
Exchange Offer Warrants (each as defined below) who have acquired such securities pursuant to the
Exchange Offer (defined below) and who from time to time elect to become a party to this Agreement
by delivering to the Company a duly executed Joinder to this Agreement in the form attached hereto
as Exhibit A (each, an “Investor” and, collectively, the “Investors”).

Recitals

     Whereas, pursuant to an exchange offer (the “Exchange Offer”) described in
that certain Offering Memorandum and Consent Solicitation Statement, dated March 9, 2009 (the
“Offering Memorandum”), the Company has issued shares of its Series A Preferred Stock, par
value $0.01 per share (the “Series A Preferred”), and warrants (the “Exchange Offer
Warrants”) to purchase shares of its common stock, par value $0.01 per share (the “Common
Stock”), to former holders of 9 7/8% Senior Subordinated Notes due 2014 of CMP Susquehanna
Corp., a Delaware corporation and wholly owned subsidiary of the Company; and

     Whereas, the terms of the Exchange Offer provide that the Company will grant to the
initial holders of the Series A Preferred and the Exchange Offer Warrants certain registration
rights as described in the Offering Memorandum and the Company has executed this Agreement in order
to grant such registration rights;

     Now, Therefore, in consideration of these premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

SECTION 1. DEFINITIONS.

     1.1 Definitions. As used in this Agreement the following terms shall have the following
respective meanings:

          (a) “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person.
For purposes of this definition, “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”), as used with respect to any
Person, shall mean the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the ownership of voting
securities, by agreement or otherwise.

          (b) “Agreement” has the meaning set forth in the first paragraph above.

          (c) “Approved Underwriter” has the meaning set forth in Section 2.1(b).

          (d) “Board” shall mean the Board of Directors of the Company.

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          (e) “Common Stock” has the meaning set forth in the recitals.

          (f) “Company” has the meaning set forth in the first paragraph above.

          (g) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

          (h) “Exchange Offer” has the meaning set forth in the recitals.

          (i) “Exchange Offer Warrants” has the meaning set forth in the recitals.

          (j) “Free Writing Prospectus” means any “free writing prospectus” as defined in Rule 405 of
the General Rules and Regulations promulgated under the Securities Act.

          (k) “Holder” means (i) any Investor owning Registrable Securities or (ii) any transferee of
such Registrable Securities from an Investor to whom related registration rights are assigned in
accordance with the terms of Section 2.7 hereof. For the avoidance of doubt, references herein to
“Holders” of Warrant Shares shall include the Holders of Exchange Offer Warrants with respect to
the Warrant Shares for which their respective Exchange Offer Warrants are exercisable.

          (l) “Holder Violation” has the meaning set forth in Section 2.6(b).

          (m) “Initial Offering” means the Company’s first firm commitment underwritten public offering
of its Common Stock registered under the Securities Act.

          (n) “Initiating Holders” has the meaning set forth in Section 2.1.

          (o) “Investor” has the meaning set forth in the first paragraph above.

          (p) “Offering Memorandum” has the meaning set forth in the recitals.

          (q) “Person” means any individual, corporation, limited liability company, partnership, joint
venture, association, joint stock company, trust, unincorporated organization, government or any
agency or political subdivision thereof or any other entity.

          (r) “Register,” “registered,” and “registration” refer to a registration effected by preparing
and filing a registration statement in compliance with the Securities Act, and the declaration or
ordering of effectiveness of such registration statement or document.

          (s) “Registrable Securities” means any (i) shares of Series A Preferred, (ii) Warrant Shares,
and (iii) shares of Series A Preferred or Common Stock issued as a dividend or other distribution
with respect to, or in exchange for or in replacement of, the securities described in the foregoing
clauses (i) and (ii). Notwithstanding the foregoing, Registrable Securities shall not include any
securities (i) once sold by a person pursuant to a registration statement or Rule 144 promulgated
under the Securities Act (or any similar or analogous rule promulgated under the Securities Act),
(ii) sold in a private transaction in which the transferor’s rights under Section 2 of this
Agreement are not assigned in accordance with the terms of Section 2.7 hereof, or (iii) that cease
to be issued and outstanding. In addition, Registrable Securities of a Holder will cease to be

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Registrable Securities for purposes of this Agreement if the entire amount of the Registrable
Securities owned by such Holder may be sold in a single sale, in the opinion of counsel
satisfactory to the Company and such Holder, each in their reasonable judgment, without any
limitation as to volume pursuant to Rule 144 (or any successor provision then in effect) under the
Securities Act.

          (t) “Registration Expenses” shall mean all expenses incurred by the Company in complying with
Sections 2.1 and 2.2 hereof, including, without limitation, all registration and filing fees,
printing expenses, fees and disbursements of counsel for the Company, reasonable fees and
disbursements of a single special counsel for the Holders selling Registrable Securities, state
“blue sky” fees and expenses, and the expense of any special audits incident to or required by any
such registration (but excluding the compensation of regular employees of the Company which shall
be paid in any event by the Company).

          (u) “SEC” or “Commission” means the United States Securities and Exchange Commission.

          (v) “Securities Act” shall mean the Securities Act of 1933, as amended.

          (w) “Selling Expenses” shall mean that portion of any underwriting discounts and selling
commissions applicable to the sale of Registrable Securities.

          (x) “Series A Preferred” has the meaning set forth in the recitals.

          (y) “Special Registration Statement” shall mean (i) a registration statement on Form S-8 or
any successor or similar form, or otherwise relating to an employee benefit plan, or (ii) with
respect to any corporate reorganization or transaction under Rule 145 of the Securities Act, any
registration statements related to the issuance or resale of securities issued in such a
transaction.

          (z) “Suspension Period” has the meaning set forth in Section 2.4(a).

          (aa) “Valid Business Reason” has the meaning set forth in Section 2.1(c)(v).

          (bb) “Violation” has the meaning set forth in Section 2.6(a).

          (cc) “Warrant Shares” shall mean shares of Common Stock (i) issuable upon exercise of an
Exchange Offer Warrant or (ii) acquired upon exercise of an Exchange Offer Warrant.

SECTION 2. REGISTRATION.

     2.1 Demand Registration.

          (a) Subject to the conditions of this Section 2.1, if the Company shall receive a written
request from the Holders of either (i) twenty percent (20%) or more of the outstanding shares of
Series A Preferred or (ii) Warrant Shares representing twenty percent (20%) or more of the
Company’s outstanding Common Stock on a fully-diluted basis (treating the Exchange Offer Warrants
on an as-exercised basis) (the Holders referred to in either clause (i) or (ii), as applicable,

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being referred to as the “Initiating Holders”), that the Company file a registration statement
under the Securities Act covering the registration of the Series A Preferred or the Warrant Shares,
as the case may be, then the Company shall, within five (5) days of the receipt thereof, give
written notice of such request to all Holders of Series A Preferred or Warrant Shares, as the case
may be, and as promptly as reasonably possible, effect registration under the Securities Act of all
shares of the applicable class of Registrable Securities that the Holders thereof request to be
registered. The Company may include, on behalf of itself or other stockholders, in any
registration pursuant to this Section 2.1 any securities that are not Registrable Securities,
subject to the further provisions of this Section 2.1.

          (b) If the Initiating Holders intend to distribute the Registrable Securities covered by their
request by means of an underwriting, they shall so advise the Company as a part of their request
made pursuant to this Section 2.1 and the Company shall include such information in the written
notice referred to in Section 2.1(a) above. The Holders of a majority of the Registrable
Securities initially requesting registration pursuant to this Section 2.1 shall have the right to
select the investment banker(s) and manager(s) (the “Approved Underwriter”) to administer the
offering, subject to the Company’s approval, which shall not be unreasonably withheld or delayed.
In such event, the right of any Holder to include its Registrable Securities in such registration
shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of
such Holder’s Registrable Securities in the underwriting to the extent provided herein. All
Holders proposing to distribute their securities through such underwriting shall enter into an
underwriting agreement in customary form with the Approved Underwriter. Notwithstanding any other
provision of this Section 2.1, if the Approved Underwriter advises the Company that the number of
Registrable Securities requested to be included in such offering is sufficiently large to have a
material adverse effect on the success of such offering, then the Company shall include in such
registration only the aggregate amount of Registrable Securities that the Approved Underwriter
believes may be sold without any such material adverse effect and shall reduce the amount of
Registrable Securities to be included in such registration, first, as to the securities offered by
the Company for its own account; second, as to the Registrable Securities of Investors who are not
Initiating Holders, as a group, if any; and third, as to the Registrable Securities of the
Initiating Holders, as a group, pro rata within each group based on the number of Registrable
Securities owned by each such Investor. Any Registrable Securities excluded or withdrawn from such
underwriting shall be withdrawn from the registration.

          (c) The Company shall not be required to effect a registration pursuant to this Section 2.1:

               (i) prior to the fifth (5th) anniversary of the date of this Agreement;

               (ii) with respect to the Series A Preferred, after the Company has effected two (2)
registrations of the Series A Preferred pursuant to this Section 2.1 and such registrations have
been declared or ordered effective;

               (iii) with respect to the Warrant Shares, after the Company has effected two (2) registrations
of Warrant Shares pursuant to this Section 2.1 and such registrations have been declared or ordered
effective;

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               (iv) during the period starting with the date of filing of, and ending on the date ninety (90)
days (or one hundred eighty (180) days, in the case of the Initial Offering) following the
effective date of, the registration statement pertaining to a public offering in which Registrable
Securities were included;

               (v) if the Company shall furnish to the Initiating Holders requesting a registration statement
pursuant to this Section 2.1 a certificate signed by the Chairman of the Board (or person
performing similar functions) stating that, in the good faith judgment of the Board, it would be
seriously detrimental to the Company and its stockholders for such registration statement to be
effected at such time due to a material financing, acquisition, corporate reorganization, merger,
or other material transaction, event or circumstance (a “Valid Business Reason”), in which event
the Company shall have the right to defer such filing until such Valid Business Reason no longer
exists, but in no event for a period of more than days after receipt of the request of the
Initiating Holders; provided that such right to delay a request shall be exercised by the Company
not more than once in any twelve (12) month period; or

               (vi) in any particular jurisdiction in which the Company would be required to qualify to do
business or to execute a general consent to service of process in effecting such registration,
qualification or compliance.

          (d) If the Company has previously filed a registration statement pursuant to this Section 2.1
and such previous registration has not been withdrawn or abandoned, the Company shall not file or
cause to be effected any other registration of any of its equity securities or, securities
convertible or exchangeable into or exercisable for its equity securities, under the Securities Act
(other than a Special Registration Statement), whether on its own behalf or at the request of any
Holder or Holders of such securities, until a period of at least ninety (90) days has elapsed from
the effective date of such previous registration.

     2.2 Piggyback Registration.

          (a) At least twenty (20) days prior to the filing by the Company of any registration statement
under the Securities Act for purposes of a public offering of either (i) Series A Preferred or (ii)
Common Stock (other than, in each case, a Special Registration Statement), the Company will notify
all Holders of Series A Preferred, in the case of the foregoing clause (i), or all Holders of
Warrant Shares, in the case of the foregoing clause (ii), and will afford each such applicable
Holder an opportunity to include in such registration statement all or part of the shares of Series
A Preferred, in the case of the foregoing clause (i), or Warrant Shares, in the case of the
foregoing clause (ii), then held by such Holder that are Registrable Securities. Each Holder
desiring to include in any such registration statement all or any part of the applicable class of
Registrable Securities held by it shall, within seven (7) days after the above-described notice
from the Company, so notify the Company in writing. If a Holder of Registrable Securities decides
not to include all of its Registrable Securities in a registration statement filed by the Company
pursuant to this Section 2.2, such Holder shall nevertheless continue to have the right to include
Registrable Securities in subsequent registration statements that may be filed by the Company with
respect to offerings of its securities, all upon the terms and conditions set forth herein.

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          (b) If the registration statement in respect of which the Company gives notice under this
Section 2.2 is for an underwritten offering, the Company shall so advise the applicable Holders of
Registrable Securities in such notice. In such event, the right of any such Holder to include such
Registrable Securities in a registration pursuant to this Section 2.2 shall be conditioned upon
such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable
Securities in the underwriting to the extent provided herein. All Holders proposing to distribute
their Registrable Securities through such underwriting shall enter into an underwriting agreement
in customary form with the underwriter or underwriters selected for such underwriting by the
Company. Notwithstanding any other provision of this Agreement, if the underwriter determines in
good faith that the number of Registrable Securities requested to be included in such offering is
sufficiently large to have a material adverse effect on the success of such offering, the Company
shall include in such registration only the aggregate amount of Registrable Securities that such
underwriter believes may be sold without any such material adverse effect and shall reduce the
amount of Registrable Securities to be included in such registration, first, as to the
Registrable Securities of Investors, as a group, pro rata based on the number of Registrable
Securities owned by each such Investor; and second, as to the securities offered by the Company for
its own account or the account of other stockholders for whom the registration is being effected.
If any Holder of Registrable Securities disapproves of the terms of any such underwriting, such
Holder may elect to withdraw therefrom by written notice to the Company and the underwriter,
delivered at least fifteen (15) days prior to the effective date of the registration statement.
Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and
withdrawn from the registration.

          (c) The Company shall have the right to terminate or withdraw any registration initiated by it
under this Section 2.2, whether or not any Holder of Registrable Securities has elected to include
Registrable Securities in such registration, and shall promptly notify any such Holder that has
elected to include Registrable Securities in such registration of such termination or withdrawal.
The Registration Expenses of such withdrawn registration shall be borne by the Company in
accordance with Section 2.3 hereof.

     2.3 Expenses of Registration. Except as specifically provided herein, all Registration
Expenses incurred in connection with any registration, qualification or compliance pursuant to
Section 2.1 or 2.2 of this Agreement shall be borne by the Company. All Selling Expenses incurred
in connection with any registration hereunder shall be borne by the Holders of the Registrable
Securities so registered pro rata, on the basis of the number of shares so registered.

     2.4 Obligations of the Company. Whenever required to effect the registration of any
Registrable Securities, the Company shall, as promptly as reasonably practicable:

          (a) prepare and file with the SEC a registration statement with respect to such Registrable
Securities and use all reasonable efforts to cause such registration statement to become effective
(provided that before filing a registration statement or prospectus or any amendments or
supplements thereto, the Company shall furnish to the counsel selected by the Holders of a majority
of the Registrable Securities covered by such registration statement copies of all such documents
proposed to be filed and provide such counsel reasonable opportunity to review and comment thereon,
and, upon the request of the Holders of a majority of the Registrable Securities

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registered thereunder, keep such registration statement effective for up to one hundred eighty
(180) days or, if earlier, until the Holders thereof have completed the distribution related
thereto;

          (b) prepare and file with the SEC such amendments and supplements to such registration
statement and the prospectus used in connection with such registration statement as may be
necessary to comply with the provisions of the Securities Act with respect to the disposition of
all securities covered by such registration statement for the period set forth in subsection (a)
above;

          (c) furnish to the Holders of the Registrable Securities included in such registration
statement such number of copies of a prospectus, including a preliminary prospectus, in conformity
with the requirements of the Securities Act, and such other documents as they may reasonably
request in order to facilitate the disposition of the Registrable Securities owned by them and
covered by such registration statement;

          (d) use its reasonable efforts to register and qualify the securities covered by such
registration statement under such other securities or “blue sky” laws of such jurisdictions as
shall be reasonably requested by the Holders of Registrable Securities covered by such
registration; provided that the Company shall not be required in connection therewith or as a
condition thereto to qualify to do business or to file a general consent to service of process in
any such states or jurisdictions;

          (e) in the event of any underwritten public offering, enter into and perform its obligations
under an underwriting agreement, in usual and customary form, with the managing underwriter(s) of
such offering;

          (f) notify each Holder of Registrable Securities covered by such registration statement (i) of
the date and time when such registration statement and each post-effective amendment thereto has
become effective or a prospectus or supplement to any prospectus relating to a registration
statement has been filed and when any registration or qualification has become effective under a
state securities or “blue sky” law or any exemption thereunder has been obtained; (ii) of any
request by the SEC or any state or federal governmental authority for the amendment or
supplementing of such registration statement or prospectus or for additional information; (iii) of
the issuance by the SEC or any other federal or state governmental authority of any stop order
suspending the effectiveness of such registration statement or the initiation or threatening of any
proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect
to the suspension of the qualification or exemption from qualification of any of the Registrable
Securities for sale in any jurisdiction or the initiation or threatening of any proceedings for
such purpose; (v) of the existence of any fact or happening of any event of which the Company has
knowledge which makes any statement of a material fact in such registration statement, related
prospectus or Free Writing Prospectus or any document incorporated or deemed to be incorporated
therein by reference untrue or which would require the making of any changes in such registration
statement, prospectus or Free Writing Prospectus in order that, in the case of such registration
statement, it will not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein not
misleading, and that in the case of such prospectus or Free Writing Prospectus, it will not contain
any untrue statement of a material fact or omit to state any material fact required to be stated
therein or

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necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading; and (vi) of the determination by counsel of the Company that a
post-effective amendment to such registration statement is advisable The Company will use
reasonable efforts to amend or supplement such registration statement or prospectus in order to
cause such prospectus not to include any untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein not
misleading in the light of the circumstances then existing;

          (g) cause such Registrable Securities to be listed on each securities exchange, if any, on
which such class or series of securities issued by the Company are then listed;

          (h) provide a transfer agent and registrar for all Registrable Securities registered pursuant
hereunder and a CUSIP number for all such Registrable Securities, in each case not later than the
effective date of such registration;

          (i) use its reasonable efforts to furnish, on the date that such Registrable Securities are
delivered to the underwriters for sale, if such securities are being sold through underwriters,
(i) an opinion, dated as of such date, of counsel to the Company, in form and substance as is
customarily given to underwriters in an underwritten public offering, addressed to the
underwriters, if any, and (ii) a letter, dated as of such date, from the independent certified
public accountants of the Company, in form and substance as is customarily given by independent
certified public accountants to underwriters in an underwritten public offering addressed to the
underwriters;

          (j) upon the occurrence of any event contemplated by Section 2.4(f) or the existence of a
Valid Business Reason, as promptly as practicable, give notice thereof to the Holders whose
Registrable Securities have been included in such registration statement (which notice shall be
accompanied by an instruction to suspend the use of such registration statement until the requisite
changes have been made), and as promptly as practicable, prepare a supplement or amendment to such
registration statement, related prospectus or Free Writing Prospectus and furnish to each seller of
Registrable Securities a reasonable number of copies of such supplement to or an amendment of such
registration statement, prospectus or Free Writing Prospectus as may be necessary so that, after
delivery to the purchasers of such registrable securities, in the case of the registration
statement, it will not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein not
misleading, and that in the case of such prospectus or Free Writing Prospectus, it will not contain
any untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading. Each Holder agrees that, upon receipt of the notice from the Company as
provided in the preceding sentence, such Holder shall discontinue disposition of Registrable
Securities pursuant to such registration statement until such Holder’s receipt of the copies of the
supplement or amendment required to be provided by the Company as provided in the preceding
sentence or until the requisite changes have been made. If the Company provides any such notice,
the Company shall extend the period during which the registration statement shall be maintained
effective pursuant to this Agreement as provided in Section 2.4(a) above by the number of days from
and including the date of the giving of such notice to and including the date when the supplement
or amendment is provided by the Company to the Holders;

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          (k) if such sale is pursuant to an underwritten offering, obtain a “cold comfort” letter dated
the effective date of the registration statement and the date of the closing under the underwriting
agreement from the Company’s independent public accountants in customary form and covering such
matters of the type customarily covered by “cold comfort” letters as Holders’ counsel or the
managing underwriter reasonably requests;

          (l) furnish, at the request of any seller of Registrable Securities on the date such
securities are delivered to the underwriters for sale pursuant to such registration or, if such
securities are not being sold through underwriters, on the date the registration statement with
respect to such securities becomes effective, an opinion, dated such date, of counsel representing
the Company for the purposes of such registration, addressed to the underwriters, if any, and to
the seller making such request, covering such legal matters with respect to the registration in
respect of which such opinion is being given as the underwriters, if any, and such seller may
reasonably request and are customarily included in such opinions;

          (m) comply with all applicable rules and regulations of the SEC, and make available to its
security holders, as soon as reasonably practicable but no later than 15 months after the effective
date of the registration statement, an earnings statement covering a period of 12 months beginning
after the effective date of the registration statement, in a manner which satisfies the provisions
of Section 11(a) of the Securities Act and Rule 158 thereunder;

          (n) keep Holders’ counsel advised in writing as to the initiation and progress of any
registration under Section 2.1 or Section 2.2; provided, that the Company shall provide Holders’
counsel with all correspondence with the SEC in connection with any registration statement filed
hereunder;

          (o) cooperate with each seller of Registrable Securities and each underwriter participating in
the disposition of such Registrable Securities and their respective counsel in connection with any
filings required to be made with the Financial Industry Regulatory Authority; and

          (p) take all other steps reasonably necessary to effect the registration of the Registrable
Securities contemplated hereby.

     2.5 Delay of Registration; Furnishing Information.

          (a) No Holder of Registrable Securities shall have any right to obtain or seek an injunction
restraining or otherwise delaying any registration as the result of any controversy that might
arise with respect to the interpretation or implementation of this Section 2.

          (b) It shall be a condition precedent to the obligations of the Company to take any action
pursuant to Section 2.1 or 2.2 that the Holders of Registrable Securities to be included in the
applicable registration shall furnish to the Company such information regarding themselves, the
Registrable Securities held by them and the intended method of disposition of such securities as
shall be required to effect the registration of their Registrable Securities.

     2.6 Indemnification. In the event any Registrable Securities are included in a registration
statement under Section 2.1 or 2.2:

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          (a) The Company will indemnify and hold harmless each Holder, the partners, members, officers,
directors and Affiliates of each Holder, any underwriter (as defined in the Securities Act) for
such Holder and each Person, if any, who controls such Holder or underwriter within the meaning of
the Securities Act or the Exchange Act, against any losses, claims, damages, expenses or
liabilities (joint or several) (including reasonable costs of investigation) to which they may
become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as
such losses, claims, damages, expenses or liabilities (or actions in respect thereof) arise out of
or are based upon any of the following statements, omissions or violations (collectively a
“Violation”) by the Company: (i) any untrue statement or alleged untrue statement of a material
fact contained in such registration statement or incorporated by reference therein, including any
preliminary prospectus or final prospectus contained therein or any amendments or supplements
thereto, (ii) the omission or alleged omission to state therein a material fact required to be
stated therein, or necessary to make the statements therein not misleading, or (iii) any violation
or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities
law, or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state
securities law in connection with the offering covered by such registration statement; and the
Company will reimburse each such Holder, and partner, member, officer, director, underwriter or
controlling person thereof, for any legal, investigatory or other expenses reasonably incurred by
them in connection with investigating or defending any such loss, claim, damage, liability or
action; provided however, that the indemnity agreement contained in this Section 2.6(a) shall not
apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of the Company, which consent shall not be unreasonably
withheld, nor shall the Company be liable in any such case for any such loss, claim, damage,
liability or action to the extent that it arises out of or is based upon a Violation which occurs
in reliance upon and in conformity with written information furnished expressly for use in
connection with such registration by such Holder of Registrable Securities, or partner, member,
officer, director, underwriter or controlling person of such Holder.

          (b) Each Holder of Registrable Securities will, if Registrable Securities held by it are
included in the securities as to which such registration, qualification or compliance is being
effected, indemnify and hold harmless the Company, each of its directors, officers and Affiliates,
and each Person, if any, who controls the Company within the meaning of the Securities Act, any
underwriter and any other Holder of Registrable Securities selling securities under such
registration statement or any of such other Holder’s partners, directors or officers or any person
who controls such other Holder of Registrable Securities, against any losses, claims, damages,
expenses or liabilities (including reasonable costs of investigation) to which the Company or any
such director, officer, controlling person, underwriter or other such Holder of Registrable
Securities, or partner, director, officer or controlling person of such other Holder of Registrable
Securities, may become subject under the Securities Act, the Exchange Act, or other federal or
state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereto)
arise out of or are based upon any of the following statements: (i) any untrue statement or alleged
untrue statement of a material fact contained in such registration statement or incorporated by
reference therein, including any preliminary prospectus or final prospectus contained therein or
any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a
material fact required to be stated therein, or necessary to make the statements therein not
misleading, or (iii) any violation or alleged violation by the Company of the Securities Act
(collectively, a “Holder Violation”), in each case to the extent (and only to the extent) that such

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Holder Violation occurs in reliance upon and in conformity with written information furnished
by such Holder of Registrable Securities under an instrument duly executed by such Holder and
stated to be specifically for use in connection with such registration; and each such Holder of
Registrable Securities will reimburse any legal, investigatory or other expenses reasonably
incurred by the Company or any such director, officer, controlling person, underwriter or other
Holder of Registrable Securities, or partner, officer, director or controlling person of such other
Holder of Registrable Securities in connection with investigating or defending any such loss,
claim, damage, liability or action if it is judicially determined that there was such a Holder
Violation; provided, however, that the indemnity agreement contained in this Section 2.6(b) shall
be individual, not joint and several, for each Holder of Registrable Securities and shall not apply
to amounts paid in settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of the Holder of Registrable Securities, which consent
shall not be unreasonably withheld or delayed; provided, further, however, that the total amount to
be indemnified by such Holder pursuant to this Section 2.6(b) shall be limited to the net proceeds
(after deducting the underwriters’ discounts and commissions) received by such Holder in the
offering to which the registration statement, prospectus or Free Writing Prospectus relates, net of
any expenses paid by such Holder in connection with such offering..

          (c) Promptly after receipt by an indemnified party under this Section 2.6 of notice of the
commencement of any action (including any governmental action), such indemnified party will, if a
claim in respect thereof is to be made against any indemnifying party under this Section 2.6,
deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying
party shall have the right to participate in, and, to the extent the indemnifying party so desires,
jointly with any other indemnifying party similarly noticed, to assume the defense thereof with
counsel mutually satisfactory to the indemnified party and the indemnifying party or parties;
provided, however, that an indemnified party shall have the right to retain its own counsel, with
the fees and expenses thereof to be paid by the indemnifying party, if representation of such
indemnified party by the counsel retained by the indemnifying party would be inappropriate due to
actual or potential differing interests between such indemnified party and any other party
represented by such counsel in such proceeding. The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such action shall relieve
such indemnifying party of any liability to the indemnified party under this Section 2.6 to the
extent, and only to the extent, such failure is actually prejudicial to the ability of the
indemnifying party to defend such action, but the omission so to deliver written notice to the
indemnifying party will not relieve it of any liability that it may have to any indemnified party
otherwise than under this Section 2.6. No Indemnifying Party shall, without the written consent of
such Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of
which such Indemnified Party is a party and indemnity has been sought hereunder by such Indemnified
Party, unless such settlement includes an unconditional release of such Indemnified Party from all
liability for claims that are the subject matter of such proceeding.

          (d) If the indemnification provided for in this Section 2.6 is held by a court of competent
jurisdiction to be unavailable to an indemnified party or is otherwise unenforceable with respect
to any losses, claims, damages, expenses or liabilities referred to herein, the indemnifying party,
in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or
payable by such indemnified party as a result of such losses, claims, damages, expenses or
liabilities in such proportion as is appropriate to reflect the relative fault of the

11.

 

indemnifying party, on the one hand, and of the indemnified party, on the other, in connection
with the Violation(s) or Holder Violation(s) that resulted in such losses, claims, damages,
expenses or liabilities, as well as any other relevant equitable considerations. The relative
fault of the indemnifying party and of the indemnified party shall be determined by a court of law
by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or the omission to state a material fact relates to information supplied by the indemnifying
party or by the indemnified party and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission. The amount paid or
payable by a party as a result of the losses, claims, damages, expenses or liabilities referred to
above shall be deemed to include any legal or other fees, charges or expenses reasonably incurred
by such party in connection with any investigation or proceeding; provided, that the total amount
to be contributed by any Holder shall be limited to the net proceeds (after deducting the
underwriters’ discounts and commissions) received by such Holder in the offering.

          (e) The obligations of the Company and Holders of Registrable Securities under this
Section 2.6 shall survive completion of any offering of Registrable Securities in a registration
statement and, with respect to liability arising from an offering to which this Section 2.6 would
apply that is covered by a registration filed before termination of this Agreement, such
termination. No indemnifying party, in the defense of any such claim or litigation, shall, except
with the consent of each indemnified party, consent to entry of any judgment or enter into any
settlement which does not include as an unconditional term thereof the giving by the claimant or
plaintiff to such indemnified party of a release from all liability in respect to such claim or
litigation.

     2.7 Assignment of Registration Rights. The rights to cause the Company to register
Registrable Securities pursuant to this Section 2 may be assigned (for so long as such shares
remain Registrable Securities): (a) with respect to an Investor that acquires Registrable
Securities from the Company in the Exchange Offer, to a transferee or assignee that acquires all of
the Registrable Securities acquired by such Investor in the Exchange Offer; (b) with respect to any
Holder to whom registration rights have been assigned pursuant to the foregoing clause (a), to a
subsequent transferee or assignee of such Holder acquiring all of the Registrable Securities
acquired by such Holder from the Investor; and (c) with respect to any Holder, to a transferee or
assignee of such Holder that acquires from such Holder not less than 35,000 shares of Series A
Preferred, in the case of a transfer of Series A Preferred, or not less than 40,000 Warrant Shares,
in the case of a transfer of Warrant Shares or Exchange Offer Warrants; provided, however, that, in
any such case, the transferor shall, within ten (10) days after such transfer, furnish to the
Company written notice of the name and address of such transferee or assignee and the securities
with respect to which such registration rights are being assigned, and such transferee or assignee
shall, within twenty (20) days after such transfer, execute and deliver to the Company a Joinder to
this Agreement in substantially the form attached hereto as Exhibit A.

     2.8 Rule 144 Reporting. With a view to making available to the Holders the benefits of
certain rules and regulations of the SEC that may permit the sale of the Registrable Securities to
the public without registration, the Company agrees, at all times after the effective date of the
first registration by the Company of its securities, to:

12.

 

          (a) make and keep public information available, as those terms are understood and defined in
Rule 144 under the Securities Act or any similar or analogous rule promulgated under the Securities
Act (it being understood that publishing such information to the corporate website of Cumulus Media
Inc. shall be deemed to satisfy this covenant);

          (b) file with the SEC, in a timely manner, all reports and other documents required of the
Company under the Exchange Act; and

          (c) furnish to each Holder of Registrable Securities promptly upon such Holder’s request: (i)
a written statement by the Company as to its compliance with the reporting requirements of said
Rule 144 under the Securities Act, and of the Exchange Act (at any time after it has become subject
to such reporting requirements); (ii) a copy of the most recent annual or quarterly report of the
Company filed with the Commission; and (iii) such other reports and documents as a Holder of
Registrable Securities may reasonably request in connection with availing itself of any rule or
regulation of the SEC allowing it to sell any such securities without registration.

     2.9 Holdback Agreements.

          (a) To the extent (i) requested (A) by the Company, the Initiating Holders, as the case may
be, in the case of a non-underwritten public offering and (B) by the Approved Underwriter in the
case of an underwritten public offering and (ii) all of the Company’s officers, directors and
holders in excess of one percent (1%) of its outstanding capital stock execute agreements identical
to those referred to in this Section 2.9(a), each Holder agrees (x) not to effect any public sale
or distribution of any Registrable Securities or of any securities convertible into or exchangeable
or exercisable for such Registrable Securities, including a sale pursuant to Rule 144 under the
Securities Act, or offer to sell, contract to sell (including, without limitation, any short sale),
grant any option to purchase, or enter into any hedging or similar transaction with the same
economic effect as a sale with respect to, any Registrable Securities and (y) not to make any
request for a registration under Section 2.1 of this Agreement, during the 90 day period or such
shorter period, if any, mutually agreed upon by such Holder and the requesting party beginning on
the effective date of the registration statement (except as part of such registration) for such
public offering. No Holder subject to this Section 2.9(a) shall be released from any obligation
under any agreement, arrangement or understanding entered into pursuant to this Section 2.9(a)
unless all other Holders subject to the same obligation are also released.

          (b) With respect to any registration pursuant to Section 2.1 of this Agreement, the Company
shall not (except as part of such registration) effect any public sale or distribution of any of
its securities, or any securities convertible into or exchangeable or exercisable for such
securities (except pursuant to a registration statement on Form S-4 or S-8 or any successor
thereto), during the period beginning on the effective date of any registration statement in which
the Holders of Registrable Securities are participating and ending on the earlier of (i) the date
on which all Registrable Securities registered on such registration statement are sold and
(ii) 180 days after the effective date of such registration statement (except as part of such
registration).

SECTION 3. MISCELLANEOUS.

13.

 

     3.1 Governing Law. This Agreement and all disputes arising out of or relating to this
Agreement shall be governed by and construed under the laws of the State of Delaware in all
respects, without reference to any conflict of laws rule or principle that would cause the
application of the laws of any other jurisdiction. The parties agree that any action brought by
any party under or in relation to this Agreement, including without limitation to interpret or
enforce any provision of this Agreement, shall be brought in, and each party agrees to and does
hereby submit to the jurisdiction and venue of, any state or federal court located in the state of
Delaware.

     3.2 Successors and Assigns. Subject to the limitations set forth in Section 2.7, the
provisions hereof shall inure to the benefit of, and be binding upon, the parties hereto and their
respective successors, permitted assigns, heirs, executors, and administrators and shall inure to
the benefit of and be enforceable by each person who shall be a Holder of Registrable Securities
from time to time; provided, however, that prior to the receipt by the Company of adequate written
notice of the transfer of any Registrable Securities specifying the full name and address of the
transferee and a Joinder to this Agreement in substantially the form attached hereto as Exhibit
A executed by the transferee, the Company may deem and treat the person listed as the Holder of
such shares in its records as the absolute owner and Holder of such shares for all purposes
hereunder.

     3.3 Entire Agreement. This Agreement constitutes the full and entire understanding and
agreement among the parties with regard to the subject matter hereof and no party shall be liable
or bound to any other in any manner by any oral or written representations, warranties, covenants
and agreements, except as specifically set forth herein.

     3.4 Severability. In the event one or more of the provisions of this Agreement should, for
any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity,
illegality, or unenforceability shall not affect any other provisions of this Agreement, and this
Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been
contained herein.

     3.5 Amendment and Waiver. Except as otherwise expressly provided, this Agreement may be
amended or modified, and the obligations of the Company and the rights of the Holders of
Registrable Securities under this Agreement may be waived, only upon the written consent of the
Company and the Holders of at least a majority of the then-outstanding applicable class of
Registrable Securities affected by such amendment, modification or waiver; provided, however, that
any such amendment, modification or waiver affects the Holders of the applicable class of
Registrable Securities only in proportion to their relative holdings of such class of Registrable
Securities.

     3.6 Delays or Omissions. It is agreed that no delay or omission to exercise any right, power,
or remedy accruing to any party, upon any breach, default or noncompliance by another party under
this Agreement shall impair any such right, power, or remedy, nor shall it be construed to be a
waiver of any such breach, default or noncompliance, or any acquiescence therein, or of any similar
breach, default or noncompliance thereafter occurring. It is further agreed that any waiver,
permit, consent, or approval of any kind or character on any party’s part of any breach, default or
noncompliance under the Agreement or any waiver on such party’s part of any provisions or
conditions of this Agreement must be in writing and shall be effective only to the extent

14.

 

specifically set forth in such writing. All remedies, either under this Agreement, by law, or
otherwise afforded to any party, shall be cumulative and not alternative.

     3.7 Notices. All notices required or permitted hereunder shall be in writing and shall be
deemed effectively given: (a) upon personal delivery to the party to be notified; (b)  five (5)
days after having been sent by registered or certified mail, return receipt requested, postage
prepaid; or (c) one (1) day after deposit with a nationally recognized overnight courier,
specifying next day delivery, with written verification of receipt. All communications shall be
sent to the party to be notified at the address of such party as set forth on its respective
counterpart signature page in its Joinder hereto, or at such other address as such party may
designate by ten (10) days’ advance written notice to the Company.

     3.8 Recapitalizations, Exchanges, etc. The provisions of this Agreement shall apply to the
full extent set forth herein with respect to (i) the shares of Series A Preferred and the Warrant
Shares, (ii) any and all shares into which the shares of Series A Preferred or Warrant Shares are
converted, exchanged or substituted in any recapitalization or other capital reorganization by the
Company and (iii) any and all equity securities of the Company or any successor or assign of the
Company (whether by merger, consolidation, sale of assets or otherwise) which may be issued in
respect of, in conversion of, in exchange for or in substitution of, the shares of Series A
Preferred or the Warrant Shares, and shall be appropriately adjusted for any stock dividends,
splits, reverse splits, combinations, recapitalizations and the like occurring after the date
hereof. The Company shall cause any successor or assign (whether by merger, consolidation, sale of
assets or otherwise) to assume this Agreement or enter into a new registration rights agreement
with the Holders on terms substantially the same as this Agreement as a condition of any such
transaction.

     3.9 No Inconsistent Agreements. The Company represents and warrants that it has not granted
to any Person the right to request or require the Company to register any securities issued by the
Company, other than the rights granted to the Holders herein. The Company shall not enter into any
agreement with respect to its securities that is inconsistent with the rights granted to the
Holders in this Agreement.

     3.10 Titles and Subtitles. The titles of the sections and subsections of this Agreement are
for convenience of reference only and are not to be considered in construing this Agreement.

     3.11 Counterparts. This Agreement may be executed in any number of counterparts, each of
which shall be an original, but all of which together shall constitute one instrument.

     3.12 Pronouns. All pronouns contained herein, and any variations thereof, shall be deemed to
refer to the masculine, feminine or neutral, singular or plural, as to the identity of the parties
hereto may require.

     3.13 Remedies. The Holders, in addition to being entitled to exercise all rights granted by
law, including recovery of damages, shall be entitled to specific performance of their rights under
this Agreement, without need for a bond. The Company agrees that monetary damages would not be
adequate compensation for any loss incurred by reason of a breach by it of the provisions of this
Agreement and hereby agrees to waive in any action for specific performance the defense that a
remedy at law would be adequate or that there is need for a bond.

15.

 

[remainder of page intentionally left blank]

16.

 

     In Witness Whereof, the parties hereto have executed this Registration Rights
Agreement as of the date set forth in the first paragraph hereof.

	 	 	 	 	 
	 	COMPANY:

CMP SUSQUEHANNA RADIO HOLDINGS CORP.

 	 
	 	By:  	/s/ Lewis W. Dickey, Jr.
 	 
	 	 	Lewis W. Dickey, Jr. 	 
	 	 	Chief Executive Officer 	 
	 

Registration Rights Agreement

Signature Page

 

 

EXHIBIT A

FORM OF JOINDER TO

REGISTRATION RIGHTS AGREEMENT

     THIS JOINDER to the Registration Rights Agreement, dated as of March ___, 2009 (the
“Registration Rights Agreement”), of CMP Susquehanna Radio Holdings Corp., a Delaware
corporation (the “Company”), is executed on behalf of the undersigned (“Investor”)
as of the date set forth on the signature page below, with reference to the following facts:

     WHEREAS, capitalized terms used herein but not otherwise defined shall have the meanings set
forth in the Registration Rights Agreement; and

     WHEREAS, Investor has acquired Registrable Securities of the Company pursuant to the terms of
the Exchange Offer (or is the transferee of Registrable Securities of such an Investor to whom
related registration rights are being assigned in accordance with the terms of Section 2.7 of the
Registration Rights Agreement), and the Registration Rights Agreement requires Investor to become a
party thereto if Investor desires to avail itself of the registration rights offered pursuant to
the terms of the Exchange Offer, and Investor agrees to do so in accordance with the terms hereof;

     NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
undersigned hereby agrees as follows:

     1. Agreement to be Bound. Investor hereby agrees that upon execution of this Joinder,
Investor shall become a party to the Registration Rights Agreement and shall be fully bound by, and
subject to, all of the covenants, terms and conditions of the Registration Rights Agreement
applicable to Investor and the Registrable Securities held by Investor as though an original party
thereto.

     2. Counterparts. This Joinder may be executed in separate counterparts each of which
shall be an original and all of which taken together shall constitute one and the same agreement.

     3. Notices. For purposes of Section 3.7 of the Agreement, all notices, demands or
other communications to Investor shall be directed to Investor’s address set forth below Investor’s
signature below.

 

 

     IN WITNESS WHEREOF, Investor has executed this Joinder as of the date set forth below.

	 	 	 	 	 
	 	 	INVESTOR:
	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Printed Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Date:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Address:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 

	 	 	 	 	 
	 

	 	Number of Series A Preferred Shares:	 	 
	 

	 	 	 	 
	 

	 	Number of Warrant Shares:EX-10.60

Exhibit 10.60

STANDARD EXECUTIVE EMPLOYMENT AGREEMENT

BETWEEN

DSW INC

AND

Jon Ricker

This Standard Executive Employment Agreement (“Agreement”) by and between DSW Inc. (“Company”) and
Jon Ricker (“Executive”), collectively, the “Parties,” is effective as of the date signed
(“Effective Date”) and supercedes and replaces any other oral or written employment-related
agreement between the Executive and the Company.

1.00 Duration

This Agreement will remain in effect from the Effective Date until it terminates as provided in
Section 5.00. Any notice of termination required to be given under this Agreement must be given as
provided in Section 6.00 and will be effective on the date prescribed in Section 5.00.

2.00 Executive’s Employment Function

2.01 Position. The Executive agrees to serve as the Company’s Executive Vice President, Chief
Administrative Officer with the authority and duties customarily associated with this position and
to discharge any other duties and responsibilities assigned by the President. The Executive will
report directly to and be subject to the supervision, advice and direction of the President, or
his/her designate. The Executive agrees at all times to observe and be bound by all Company rules,
policies, practices, procedures and resolutions that generally apply to Company employees of
comparable status and which do not conflict with the specific terms of this Agreement.

2.02 Place of Performance. The Executive’s duties will principally be performed in Columbus, Ohio,
except for required travel on the Company’s business, unless the President requires the Executive
to perform duties at another location.

3.00 Compensation

The Company will pay the Executive the amounts described in Section 3.00 as compensation for the
services described in this Agreement and in exchange for the duties and responsibilities described
in Section 4.00.

3.01 Base Salary. The Company will pay to the Executive an annualized base salary of $535,000,
which may be adjusted at the Company’s discretion (“Base Salary”). The Executive’s Base Salary
will be paid in installments that correspond with the Company’s normal payroll practices.

 

 

3.02 Cash Incentive Bonus.

[1] The Executive will be eligible to receive a Cash Incentive Bonus under the terms of the
DSW Inc. Incentive Compensation Plan (“Incentive Plan”), as modified by the Company. The
Company intends to provide the Executive with a cash bonus of 50 percent of Base Salary
based on the Executive’s achievement of the incentive goals established by the Company.
Subsequent annual cash bonuses will be based, in the Company’s discretion, on Incentive
Goals and percentages of Base Salary determined under the Incentive Plan that is then in
effect.

[2] Payment of Cash Bonus. Any Cash Incentive Bonus will be payable, in cash, consistent
with the Company’s normal bonus payment policy.

3.03 Equity Incentive. Subject to the Company’s discretion, the Executive will be eligible to
receive discretionary grants of stock options and restricted stock units.

3.04 Benefit Plans. Subject to their terms, the Executive may participate in any Company sponsored
employee pension or welfare benefit plan at a level commensurate with the Executive’s title and
position.

3.05 Vacations. Subject to the terms of the Company’s vacation policy, the Executive is entitled
to four weeks of vacation each calendar year to be taken during periods approved by the President.

3.06 Expenses. The Executive is entitled to receive prompt reimbursement for all normal and
reasonable expenses incurred while performing services under this Agreement, including all
reasonable travel expenses. Reimbursement for these expenses will be made as soon as
administratively feasible after the date the Executive submits appropriate evidence of the
expenditure and otherwise complies with the Company’s business expense reimbursement policy.
Reimbursement of expenses in one year will not affect the amount of expenses that may be reimbursed
in a later year.

3.07 Termination Benefits. The Company also will provide the Executive with the termination
benefits described in Section 5.00.

4.00 Executive’s Obligations

The amounts described in Sections 3.00 and 5.00 are provided by the Company in exchange for (and
have a value to the Company equivalent to) the Executive’s performance of the obligations described
in this Agreement, including performance of the duties and the covenants and releases made and
entered into by and between the Executive and the Company in this Agreement.

4.01 Scope of Duties. The Executive will:

[1] Devote all available business time, best efforts and undivided attention to the
Company’s business and affairs; and

2

 

[2] Not engage in any other business activity, whether or not for gain, profit or other
pecuniary benefit.

[3] However, the restriction described in Section 4.01[1] and [2] will not preclude the
Executive from:

[a] Making or holding passive investments in outstanding shares in the securities of
publicly-owned companies or other businesses [other than organizations described in
Section 4.05], regardless of when and how that investment was made; or

[b] Serving on corporate, civic, religious, educational and/or charitable boards or
committees but only if this activity [i] does not interfere with the performance of
duties under this Agreement and [ii] is approved by
the President.

4.02 Confidential Information.

[1] Obligation to Protect Confidential Information. The Executive acknowledges that the
Company and its subsidiaries, parent corporation and affiliated entities (collectively,
“Group” and separately, “Group Member”) have a legitimate and continuing proprietary
interest in the protection of Confidential Information (as defined in Section 4.02[2]) and
have invested, and will continue to invest, substantial sums of money to develop, maintain
and protect Confidential Information. The Executive agrees [a] during and after employment
with all Group Members [i] that any Confidential Information will be held in confidence and
treated as proprietary to the Group, [ii] not to use or disclose any Confidential
Information except to promote and advance the Group’s business interests and [b] immediately
upon separation from employment with all Group Members, to return to the Company any
Confidential Information.

[2] Definition of Confidential Information. For purposes of this Agreement, Confidential
Information includes any confidential data, figures, projections, estimates, pricing data,
customer lists, buying manuals or procedures, distribution manuals or procedures, other
policy and procedure manuals or handbooks, supplier information, tax records, personnel
histories and records, information regarding sales, information regarding properties and any
other Confidential Information regarding the business, operations, properties or personnel
of the Group (or any Group Member) which are disclosed to or learned by the Executive as a
result of employment with any Group Member, but will not include [a] the Executive’s
personal personnel records or [b] any information that [i] the Executive possessed before
the date of initial employment (including periods before the Effective Date) with any Group
Member that was a matter of public knowledge, [ii] became or becomes a matter of public
knowledge through sources independent of the Executive, [iii] has been or is disclosed by
any Group Member without restriction on its use or [iv] has been or is required to be
disclosed by law or governmental order or regulation. The Executive also agrees that, if
there is any reasonable doubt whether an item is public knowledge, to not regard the item as
public knowledge until and unless the Senior Vice President of Human Resources confirms to

3

 

the Executive that the information is public knowledge or an arbitrator, acting under
Section 9.00, finally decides that the information is public knowledge.

[3] Intellectual Property. The Executive expressly acknowledges that all right, title and
interest to all inventions, designs, discoveries, works of authorship, and ideas conceived,
produced, created, discovered, authored, or reduced to practice during the Executive’s
performance of services under this Agreement, whether individually or jointly with any Group
Member (the “Intellectual Property”) shall be owned solely by the Group, and shall be
subject to the restrictions set forth in Section 4.02[1] above. All Intellectual Property
which constitutes copyrightable subject matter under the copyright laws of the United States
shall, from the inception of creation, be deemed to be a “work made for hire” under the
United States copyright laws and all right, title and interest in and to such copyrightable
works shall vest in the Group. All right, title and interest in and to all Intellectual
Property developed or produced under this Agreement by the Executive, whether constituting
patentable subject matter or copyrightable subject matter (to the extent deemed not to be a
“work made for hire”) or otherwise, shall be assigned and is hereby irrevocably assigned to
the Group by the Executive. The Executive shall, without any additional consideration,
execute all documents and take all other actions needed to convey the Executive’s complete
ownership interest in any Intellectual Property to the Group so that the Group may own and
protect such Intellectual Property and obtain patent, copyright and trademark registrations
for it. The Executive agrees that any Group Member may alter or modify the Intellectual
Property at the Group Member’s sole discretion, and the Executive waives all right to claim
or disclaim authorship.

4.03 Solicitation of Employees. The Executive agrees that during employment, and for the longer of
any period of salary continuation or for two years after terminating employment with all Group
Members [1] not, directly or indirectly, to solicit any employee of any Group Member to leave
employment with the Group, [2] not, directly or indirectly, to employ or seek to employ any
employee of any Group Member and [3] not to cause or induce any of the Group’s (or Group Member’s)
competitors to solicit or employ any employee of any Group Member.

4.04 Solicitation of Third Parties. The Executive agrees that during employment, and for the
longer of any period of salary continuation or for two years after terminating employment with all
Group Members not, directly or indirectly, to recruit, solicit or otherwise induce or influence any
customer, supplier, sales representative, lender, lessor, lessee or any other person having a
business relationship with the Group (or any Group Member) to discontinue or reduce the extent of
that relationship except in the course of discharging the duties described in this Agreement and
with the good faith objective of advancing the Group’s (or any Group Member’s) business interests.

4.05 Non-Competition. The Executive agrees that for the longer of any period of salary
continuation or for one year after terminating employment with all Group Members not, directly or
indirectly, to accept employment with, act as a consultant to, or otherwise perform services that
are substantially the same or similar to those for which the Executive was compensated by any Group
Member (this comparison will be based on job-related functions and responsibilities and not on job
title) for any business that directly competes with the Group’s (or any Group Member’s) business,
which is understood by the Parties to be the sale of significant branded or

4

 

discount and off-price shoes and accessories at department stores, specialty retail stores or home
shopping network clubs. Illustrations of businesses that compete with the Group’s business
include, but are not limited to, The TJX Companies, Inc. (T.J. Maxx; Marshall’s; The Maxx;
Marmaxx), Shoe Carnival; MJM Designer Shoes; The Shoe Dept; Payless ShoeSource; Off-Broadway Shoes;
Famous Footwear; Footstar; Nordstrom’s). This restriction applies to any parent, division,
affiliate, newly formed or purchased business(es) and/or successor of a business that competes with
the Group’s (or any Group Member’s) business.

4.06 Post-Termination Cooperation. As is required of the Executive during employment, the
Executive agrees that during and after employment with any Group Members and without additional
compensation (other than reimbursement for reasonable associated expenses), to cooperate with the
Group (and with each Group Member) in the following areas:

[1] Cooperation With the Company. The Executive agrees [a] to be reasonably available to
answer questions for the Group’s (and any Group Member’s) officers regarding any matter,
project, initiative or effort for which the Executive was responsible while employed by any
Group Member and [b] to cooperate with the Group (and with each Group Member) during the
course of all third-party proceedings arising out of the Group’s (and any Group Member’s)
business about which the Executive has knowledge or information. For purposes of this
Agreement, [c] “proceedings” includes internal investigations, administrative investigations
or proceedings and lawsuits (including pre-trial discovery and trial testimony) and [d]
“cooperation” includes [i] the Executive’s being reasonably available for interviews,
meetings, depositions, hearings and/or trials without the need for subpoena or assurances by
the Group (or any Group Member), [ii] providing any and all documents in the Executive’s
possession that relate to the proceeding, and [iii] providing assistance in locating any and
all relevant notes and/or documents.

[2] Cooperation With Third Parties. Unless compelled to do so by lawfully-served subpoena
or court order, the Executive agrees not to communicate with, or give statements or
testimony to, any opposing attorney, opposing attorney’s representative (including private
investigator) or current or former employee relating to any matter (including pending or
threatened lawsuits or administrative investigations) about which the Executive has
knowledge or information (other than knowledge or information that is not Confidential
Information as defined in Section 4.02[2]) as a result of employment with the Group (or any
Group Member) except in cooperation with the Company. The Executive also agrees to notify
the Senior Vice President of Human Resources immediately after being contacted by a third
party or receiving a subpoena or court order to appear and testify with respect to any
matter affected by this section.

[3] Cooperation With Media. The Executive agrees not to communicate with, or give
statements to, any member of the media (including print, television or radio media) relating
to any matter (including pending or threatened lawsuits or administrative investigations)
about which the Executive has knowledge or information (other than knowledge or information
that is not Confidential Information as defined in Section 4.02[2]) as a result of
employment with the Group (or any Group Member). The Executive also agrees to notify the
Senior Vice President of Human Resources

5

 

immediately after being contacted by any member of the media with respect to any matter
affected by this section.

4.07 Non-Disparagement. The Executive and the Company (on its behalf and on behalf of the Group
and each Group Member) agree that neither will make any disparaging remarks about the other and the
Executive will not make any disparaging remarks about the Company’s Chairman, Chief Executive
Officer or any of the Group’s senior executives. However, this section will not preclude [1] any
remarks that may be made by the Executive under the terms of Section 4.06[2] or that are required
to discharge the duties described in this Agreement or [2] the Company from making (or eliciting
from any person) disparaging remarks about the Executive concerning any conduct that may lead to a
termination for Cause, as defined in Section 5.04[5] (including initiating an inquiry or
investigation that may result in a termination for Cause), but only to the extent reasonably
necessary to investigate the Executive’s conduct and to protect the Group’s (or any Group Member’s)
interests.

4.08 Notice of Subsequent Employment. The Executive agrees to immediately notify the Company of
any subsequent employment during the period of salary continuation after employment terminates.

4.09 Nondisclosure. The Executive agrees not to disclose the terms of this Agreement in any manner
to any person other than the President, one of the Company’s Vice Presidents of Human Resources
(or any Company representative they expressly approve for such disclosure), the Executive’s
personal attorney, accountant and financial advisor, and the Executive’s immediate family or as
otherwise required by law.

4.10 Remedies. The Executive acknowledges that money will not adequately compensate the Group for
the substantial damages that will arise upon the breach of any provision of Section 4.00. For this
reason, any disputes arising under Section 4.00 will not be subject to arbitration under Section
9.00. Instead, if the Executive breaches or threatens to breach any provision of Section 4.00, the
Company will be entitled, in addition to other rights and remedies, to specific performance,
injunctive relief and other equitable relief to prevent or restrain any breach or threatened breach
of Section 4.00.

4.11 Return of Company Property. Upon termination of employment, the Executive agrees to promptly
return to the Company all property belonging to the Group or any Group Member.

5.00 Termination and Related Benefits

This Agreement will terminate upon the occurrence of any of the events described in this section.

5.01 Rules of General Application. The following rules apply generally to the implementation of
Section 5.00:

[1] Method of Payment. If the amount of any installment payments is or becomes less than or
equal to the applicable dollar amount under Section 402(g)(1)(B) of the

6

 

Internal Revenue Code of 1986, the Company may elect to pay such remaining installments as a
lump sum.

[2] Application of Pro Rata. Any pro rata share required to be paid under Section 5.00 will
be based on the number of days between the first day of the fiscal year during which the
Executive terminates employment and the date that the Executive terminates employment
divided by the number of days in the fiscal year during which the Executive terminates
employment.

5.02 Termination Due to Executive’s Death. This Agreement will terminate automatically on the date
the Executive dies. As of that date, and subject to Section 5.04[6], the Company will make the
following payments to the person the Executive designates on the attached Beneficiary designation
form or, with respect to any Equity Incentive, the beneficiary the Executive designates under the
Stock Incentive Plan under which the award was issued (“Beneficiary”):

[1] Base Salary. The unpaid Base Salary the Executive earned to the date of termination.

[2] Cash Incentive Bonus. The pro rata share of any Cash Incentive Bonus that would have
been paid to the Executive had the Executive not died based on the extent to which
performance standards are met on the last day of the year in which the Executive dies.

[3] Equity Incentive. Subject to the terms of any applicable agreement, [a] the Executive’s
Beneficiary may exercise any outstanding stock options that are then vested when the
Executive dies and [b] those that would have been vested on the last day of the fiscal year
during which the Executive dies if the Executive had not died.

[4] Other. Any rights accruing to the Executive under any employee benefit plan, fund or
program maintained by any Group Member will be distributed or made available as required by
the terms of the plan fund or program or as required by law.

5.03 Termination Due to Executive’s Disability. The Company may terminate this Agreement after
ascertaining that the Executive is Disabled (as defined below — “Disability”) by delivering to the
Executive a written notice of termination for Disability that includes the date termination for
Disability is to be effective. Subject to Section 5.04[6], if that notice is given and if all
requirements of this Agreement are met (including those imposed under Section 7.00), the Company
will make the following payments to the Executive:

[1] Base Salary. The unpaid Base Salary the Executive earned to the date of termination.

[2] Cash Incentive Bonus. The pro rata share of any Cash Incentive Bonus that would have
been paid to the Executive had the Executive not become Disabled based on the extent to
which performance standards are met on the last day of the year in which the Executive
becomes Disabled.

7

 

[3] Equity Incentive. Subject to the terms of any applicable agreement, [a] the Executive
may exercise any outstanding stock options that are vested when the Executive became
Disabled and [b] those that would have been vested on the last day of the fiscal year during
which the Executive becomes Disabled if the Executive had not become Disabled.

[4] Other. Any rights accruing to the Executive under any employee benefit plan, fund or
program maintained by any Group Member will be distributed or made available as required by
the terms of the plan fund or program or as required by law.

[5] Definition of Disability. For these purposes, Disability means that, for more than six
consecutive months, the Executive is unable, with a reasonable accommodation, to perform the
duties described in Section 4.01 on a full-time basis due to a physical or mental disability
or infirmity.

5.04 Termination for Cause. The Company may terminate the Executive’s employment for Cause (as
defined below — “Cause”) by delivering to the Executive a written notice describing the basis for
this termination and the date the termination for Cause is to be effective. If the Executive is
terminated for Cause and if all requirements of this Agreement are met (including those imposed
under Section 7.00), the Company will make the following payments to the Executive:

[1] Base Salary. The unpaid Base Salary the Executive earned to the date of termination.

[2] Cash Incentive Bonus. Any unpaid Cash Incentive Bonus earned for the fiscal year that
ends before the fiscal year during which the Executive is terminated for Cause (but no Cash
Incentive Bonus will be given with respect to the fiscal year during which the Executive is
terminated for Cause).

[3] Equity Incentive. The Executive’s entitlement to Equity Incentive will be limited to
those specifically described in the Company’s Stock Incentive Plan and any applicable stock
option and restricted stock agreements.

[4] Other. Any rights accruing to the Executive under any employee benefit plan, fund or
program maintained by any Group Member will be distributed or made available as required by
the terms of the plan fund or program or as required by law.

[5] Definition of Cause. For these purposes, Cause means the Executive’s [a] failure to
substantially perform the duties associated with employment under this Agreement; [b]
willful, illegal or grossly negligent conduct that is materially injurious to the Company or
any Group Member monetarily or otherwise; [c] violation of laws or regulations governing the
Company or to any Group Member; [d] breach of any fiduciary duty owed to the Company or any
Group Member; [e] misrepresentation or dishonesty which the Company determines has had or is
likely to have a material adverse effect upon the Company’s or any Group Member’s operations
or financial condition; [f] breach of Section 4.00 of this Agreement; [g] involvement in any
act of moral turpitude that has an injurious effect on the Company (or any Group Member) or
its reputation; or [h] breach

8

 

of the terms of any non-solicitation or confidentiality clauses contained in an Standard
Executive Employment Agreement(s) with a former employer. The Company’s dissatisfaction
with the Executive’s performance, or the business results achieved, shall not, in and of
itself, constitute Cause under this Section.

[6] Subsequent Information. The terms of Section 5.04 will apply if, after the Executive
terminates under any other provision of Section 5.00, the Company learns of an event that,
had it been known before the Executive terminated employment, would have justified a
termination for Cause. In this case, the Company will be entitled to recover (and the
Executive agrees to repay) any amounts (other than legally protected benefits) that the
Executive received under any other provision of Section 5.00 reduced by the amount the
Executive is entitled to receive under Section 5.04.

5.05 Voluntary Termination by Executive. The Executive may voluntarily terminate employment with
the Company at any time by delivering to the Company a written notice specifying the date
termination is to be effective, in which case the Company will make the following payments to the
Executive if all requirements of this Agreement are met (including those imposed under Section
7.00):

[1] Base Salary. The unpaid Base Salary the Executive earned to the date of
termination.

[2] Cash Incentive Bonus. Any unpaid Cash Incentive Bonus earned for the fiscal year that
ends before the fiscal year during which the Executive voluntarily terminates (but no Cash
Incentive Bonus will be given with respect to the fiscal year during which the Executive
voluntarily terminates).

[3] Equity Incentive. The Executive’s entitlement to Equity Incentive will be limited to
those specifically described in the Company’s Stock Incentive Plan and any applicable stock
option and restricted stock agreements.

[4] Other. Any rights accruing to the Executive under any employee benefit plan, fund or
program maintained by any Group Member will be distributed or made available as required by
the terms of the plan fund or program or as required by law.

5.06 Involuntary Termination Without Cause. The Company may terminate the Executive’s employment
at any time Without Cause (as defined below) by delivering to the Executive a written notice
specifying the date termination is to be effective. Subject to Section 5.04[6] and Section 10.09,
if this notice is given and if all requirements of this Agreement are met (including those imposed
under Section 7.00), the Company will make the following payments to the Executive as of the
effective date of termination Without Cause:

[1] Base Salary. For 12 months beginning on the date of Involuntary Termination
Without Cause, the Company will continue to pay the Executive’s Base Salary at the rate
in effect on the effective date of Involuntary Termination Without Cause. If such
amount exceeds two times the annual compensation limit prescribed by Section 401(a)(17)
of the Internal Revenue Code of 1986 (the “Involuntary Termination Limit”), then the
Company will pay the severance obligation

9

 

described in this Section 5.06[1] in two payment streams. The first payment stream
will be equal to the Involuntary Termination Limit, and the Company will pay this
amount in 12 monthly installments, beginning on the date of Involuntary Termination
Without Cause. The amount of the second payment stream will equal the amount in
excess of the Involuntary Termination Limit. The Company will pay this amount in
six monthly installments beginning on the date that is six months after the date of
the Executive’s Involuntary Termination Without Cause. As a condition of this
salary continuation, the Executive is expected to promptly and reasonably pursue new
employment. If during the salary continuation period the Executive becomes employed
either as an employee or a consultant, the Executive’s Base Salary paid by the
Company will be reduced by the amount of Base Salary or consultant compensation paid
by the new employer or entity for the remainder of the salary continuation period.
The Executive agrees to immediately notify the Company of any subsequent employment
or consulting work during the period of salary continuation.

[2] Health Care. The Company will reimburse the Executive for the cost of maintaining
continuing health coverage under COBRA for a period of no more than 12 months following the
date of termination, less the amount the Executive is expected to pay as a regular employee
premium for such coverage. Such reimbursements will cease if the Executive becomes eligible
for similar coverage under another benefit plan.

[3] Cash Incentive Bonus. The pro rata share of any Cash Incentive Bonus that would have
been paid to the Executive had the Executive not been terminated Without Cause based on the
extent to which performance standards are met on the last day of the year in which the
Executive is terminated Without Cause.

[4] Equity Incentive. Subject to the terms of the Company’s Stock Incentive Plan and any
applicable agreement, the Executive may exercise any outstanding stock options that are
vested on the date of termination Without Cause and those that would have vested during the
one year following the effective date of termination Without Cause as if the Executive had
remained employed throughout that one-year period.

[5] Other. Any rights accruing to the Executive under any employee benefit plan, fund or
program maintained by any Group Member will be distributed or made available as required by
the terms of the plan fund or program or as required by law.

[6] Definition of Without Cause. For purposes of this Agreement, Without Cause means
termination of the Executive’s employment by the Company for any reason other than those set
forth in Section 5.02, 5.03 or 5.04.

6.00 Notice

6.01 How Given. Any notice permitted or required to be given under this Agreement must be given in
writing and delivered in person or by registered, U.S. mail, return receipt requested, postage
prepaid, or through Federal Express, UPS, DHL or any other reputable professional delivery service
that maintains a confirmation of delivery system. Any delivery must be

10

 

addressed to the Company’s Vice President of Human Resources at the Company’s then-current
corporate offices or to the Executive at the Executive’s address as contained in the Executive’s
personnel file.

6.02 Effective Date. Any notice permitted or required to be given under this Agreement will be
effective on the date it is delivered, in the event of personal delivery, or on the date its
receipt is acknowledged, in the event of delivery by registered mail or through a professional
delivery service described in Section 6.01.

7.00 Release

In exchange for the payments and benefits described in this Agreement, as well as any and all other
mutual promises made in this Agreement, the Executive and the Executive’s personal or legal
representatives, executors, administrators, successors, heirs, distributees, devisees, legatees and
assigns agree to release and forever discharge the Company, the Group and each Group Member and
their executives, officers, directors, agents, attorneys, successors and assigns, from any and all
claims, suits and/or causes of action that grow out of or are in any way related to the Executive’s
recruitment to or employment with the Company and all Group Members, other than any claim that the
Company has breached this Agreement. This release includes, but is not limited to, any claims that
the Company, the Group or any Group Member violated the Employee Retirement and Income Security Act
of 1974; the Age Discrimination in Employment Act; the Older Worker’s Benefit Protection Act; the
Americans with Disabilities Act; Title VII of the Civil Rights Act of 1964 (as amended); the Family
and Medical Leave Act; any law prohibiting discrimination, harassment or retaliation in employment;
any claim of promissory estoppel or detrimental reliance, defamation, intentional infliction of
emotional distress; or the public policy of any state, or any federal, state or local law. The
Executive agrees, upon termination of employment with all Group Members, to reaffirm and execute
this release in writing. If the Executive fails to reaffirm and execute this release, the
Executive agrees to forego any payment from the Company as if the Executive had terminated
employment voluntarily under Section 5.05. Specifically, the Executive agrees that a necessary
condition for the payment of any of the amounts described in Section 5.00 in the event of
termination (except termination under Section 5.02) is the Executive’s reaffirmation of this
release upon termination of employment. The Executive acknowledges that the Executive is an
experienced senior executive knowledgeable about the claims that might arise in the course of
employment with the Company and knowingly agrees that the payments upon termination (except those
payable upon the Executive’s death) provided for in this Agreement are satisfactory consideration
for the release of all possible claims. The Executive is advised to consult with an attorney prior
to executing this Agreement. The Executive acknowledges that 21 days have been given to consider
this release. The Executive may revoke consent to this Agreement by delivering a written notice of
such revocation to the Company within seven days of signing this Agreement. If the Executive
revokes this consent, this Agreement will become null and void and the Executive must return any
compensation received under it, except salary earned for actual work.

8.00 Insurance

To the extent permitted by law and its organizational documents, the Company will include the
Executive under any liability insurance policy the Company maintains for employees of

11

 

comparable status. The level of coverage will be at least as favorable to the Executive (in amount
and each other material respect) as the coverage of other employees of comparable status. This
obligation to provide insurance for the Executive will survive termination of this Agreement with
respect to proceedings or threatened proceedings based on acts or omissions occurring during the
Executive’s employment with the Company or with any Group Member.

9.00 Arbitration

9.01 Acknowledgement of Arbitration. Unless stated otherwise in this Agreement, the Parties agree
that arbitration is the sole and exclusive remedy for each of them to resolve and redress any
dispute, claim or controversy involving the interpretation of this Agreement or the terms,
conditions or termination of this Agreement or the terms, conditions or termination of Executive’s
employment with the Group and with each Group Member, including any claims for any tort, breach of
contract, violation of public policy or discrimination, whether such claim arises under federal or
state law.

9.02 Scope of Arbitration. The Executive expressly understands and agrees that claims subject to
arbitration under this section include asserted violations of the Employee Retirement and Income
Security Act of 1974; the Age Discrimination in Employment Act; the Older Worker’s Benefit
Protection Act; the Americans with Disabilities Act; Title VII of the Civil Rights Act of 1964 (as
amended); the Family and Medical Leave Act; any law prohibiting discrimination, harassment or
retaliation in employment; any claim of promissory estoppel or detrimental reliance, defamation,
intentional infliction of emotional distress; or the public policy of any state, or any federal,
state or local law.

9.03 Effect of Arbitration. The Parties intend that any arbitration award relating to any matter
described in Section 9.00 will be final and binding on them and that a judgment on the award may be
entered in any court of competent jurisdiction, and enforcement may be had according to the terms
of that award. This section will survive the termination or expiration of this Agreement.

9.04 Location of Arbitration. Arbitration will be held in Columbus, Ohio, and will be conducted by
a retired federal judge or other qualified arbitrator. The arbitrator will be mutually agreed upon
by the Parties and the arbitration will be conducted in accordance with the National Rules for the
Resolution of Employment Disputes of the American Arbitration Association. The Parties will have
the right to conduct discovery pursuant to the Federal Rules of Civil Procedure; provided, however,
that the arbitrator will have the authority to establish an expedited discovery schedule and cutoff
and to resolve any discovery disputes. The arbitrator will have no jurisdiction or authority to
change any provision of this Agreement by alterations of, additions to or subtractions from the
terms of this Agreement. The arbitrator’s sole authority will be to interpret or apply any
provision(s) of this Agreement or any public law alleged to have been violated. The arbitrator
will be limited to awarding compensatory damages, including unpaid wages or benefits, but, to the
extent allowed by law, will have no authority to award punitive, exemplary or similar-type damages.

9.05 Time for Initiating Arbitration. Any claim or controversy not sought to be submitted to
arbitration, in writing, within 120 days of the date the Party asserting the claim knew, or

12

 

through reasonable diligence should have known, of the facts giving rise to that Party’s claim,
will be deemed waived and the Party asserting the claim will have no further right to seek
arbitration or recovery with respect to that claim or controversy. Both Parties agree to strictly
comply with the time limitation specified in Section 9.00. For purposes of this section, a claim
or controversy is sought to be submitted to arbitration on the date the complaining Party gives
written notice to the other that [1] an issue has arisen or is likely to arise that, unless
resolved otherwise, may be resolved through arbitration under Section 9.00 and [2] unless the issue
is resolved otherwise, the complaining Party intends to submit the matter to arbitration under the
terms of Section 9.00.

9.06 Costs of Arbitration. The Company will bear the arbitrator’s fee and other costs associated
with any arbitration, unless the arbitrator, acting under Federal Rule of Civil Procedure 54(b),
elects to award these fees to the Company.

9.07 Arbitration Exclusive Remedy. The Parties acknowledge that, because arbitration is the
exclusive remedy for resolving issues arising under this Agreement, neither Party may resort to any
federal, state or local court or administrative agency concerning breaches of this Agreement or any
other matter subject to arbitration under Section 9.00, except as otherwise provided in this
Agreement, and that the decision of the arbitrator will be a complete defense to any suit, action
or proceeding instituted in any federal, state or local court before any administrative agency with
respect to any arbitrable claim or controversy.

9.08 Waiver of Jury. The Executive and the Company each waive the right to have a claim or dispute
with one another decided in a judicial forum or by a jury, except as otherwise provided in this
Agreement.

10.00 General Provisions

10.01 Representation of Executive. The Executive represents and warrants that the Executive is not
under any contractual or legal restraint that prevents or prohibits the Executive from entering
into this Agreement or performing the duties and obligations described in this Agreement.

10.02 Modification or Waiver; Entire Agreement. No provision of this Agreement may be modified or
waived except in a document signed by the Executive and the Company’s Chief Executive Officer or
other person designated by the Company’s Board of Directors. This Agreement, and any attachments
referenced in the Agreement, constitute the entire agreement between the Parties regarding the
employment relationship described in this Agreement, and any other agreements are terminated and of
no further force or legal effect. No agreements or representations, oral or otherwise, with
respect to the Executive’s employment relationship with the Company have been made or relied upon
by either Party which are not set forth expressly in this Agreement.

10.03 Governing Law; Severability. This Agreement is intended to be performed in accordance with,
and only to the extent permitted by, all applicable laws, ordinances, rules and regulations. If
any provision of this Agreement, or the application of any provision of this Agreement to any
person or circumstance, is, for any reason and to any extent, held invalid or

13

 

unenforceable, such invalidity and unenforceability will not affect the remaining provisions of
this Agreement of its application to other persons or circumstances, all of which will be enforced
to the greatest extent permitted by law and the Executive and the Company agree that the arbitrator
(or judge) is authorized to reform the invalid or enforceable provision [1] to the extent needed to
avoid the invalidity or unenforceability and [2] in a manner that is as similar as possible to the
intent (as described in this Agreement). The validity, construction and interpretation of this
Agreement and the rights and duties of the Parties will be governed by the laws of the State of
Ohio, without reference to the Ohio choice of law rules.

10.04 No Waiver. Except as otherwise provided in Section 9.05, failure to insist upon strict
compliance with any term of this Agreement will not be considered a waiver of any such term.

10.05 Withholding. All payments made to the Executive under this Agreement will be reduced by any
amount:

[1] That the Company is required to withhold in advance payment of the Executive’s federal,
state and local income, wage and employment tax liability; and

[2] To the extent allowed by law, that the Executive owes (or, after employment is deemed to
owe) to the Company.

However, application of Section 10.06[2] will not extinguish the Company’s right to seek additional
amounts from the Executive (or to pursue other appropriate remedies) to the extent that the amount
that may be recovered by application of Section 10.06[2] does not fully discharge the amount the
Executive owes to the Company and does not preclude the Company from proceeding directly against
the Executive without first exhausting its right of recovery under Section 10.06[2].

10.06 Survival. Subject to the terms of the Executive’s Beneficiary designation form, the Parties
agree that the covenants and promises set forth in this Agreement will survive the termination of
this Agreement and continue in full force and effect.

10.07 Miscellaneous.

[1] The Executive may not assign any right or interest to, or in, any payments payable under
this Agreement; provided, however, that this prohibition does not preclude the Executive
from designating in writing one or more beneficiaries to receive any amount that may be
payable after the Executive’s death and does not preclude the legal representative of the
Executive’s estate from assigning any right under this Agreement to the person or persons
entitled to it.

[2] This Agreement will be binding upon and will inure to the benefit of the Executive, the
Executive’s heirs and legal representatives and the Company and its successors.

[3] The headings in this Agreement are inserted for convenience of reference only and will
not be a part of or control or affect the meaning of any provision of the Agreement.

14

 

10.08 Successors to Company. This Agreement may and will be assigned or transferred to, and will
be binding upon and will inure to the benefit of, any successor of the Company, and any successor
will be substituted for the Company under the terms of this Agreement. As used in this Agreement,
the term “successor” means any person, firm, corporation or business entity which at any time,
whether by merger, purchase or otherwise, acquires all or essentially all of the assets of the
business of the Company. Notwithstanding any assignment, the Company will remain, with any
successor, jointly and severally liable for all its obligations under this Agreement.

10.09 IRC Section 409A Compliance. The parties will administer this Agreement in a good faith
attempt to avoid imposition on Executive of penalties under Section 409A of the Internal Revenue
Code of 1986 and the guidance promulgated thereunder. If Executive is a “specified employee” as
defined under Section 409A, and to the extent any payments under this Agreement are otherwise
payable in the period beginning with the termination date and ending six months after the
termination date and would subject Executive to penalties under Section 409A, such payments will be
delayed, aggregated, and paid as soon as practicable after the date that is six months after the
date of termination.

      IN WITNESS WHEREOF, the Parties have duly executed and delivered this Agreement, which
includes an arbitration provision, and consists of 15 pages.

	 	 	 	 	 
	 	 	EXECUTIVE
	 
	 	 	 	 
	 	 	/s/ Jon Ricker
	 	 	 
	 
	 	 	 	 
	 	 	Dated: March 27, 2009
	 
	 	 	 	 
	 	 	DSW INC
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Kathleen C. Maurer
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	Dated: March 27, 2009

15

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