Document:

separationagreementteeters.htm

April 18, 2012

Bruce W. Teeters

c/o Consolidated-Tomoka Land Co.

1530 Cornerstone Blvd., Suite 100

Daytona Beach, FL 32117

Dear Bruce:

The purpose of this letter is to set forth the terms of your continued employment with Consolidated-Tomoka Land Co. (the “Company”) through September 30, 2012, and to set forth the terms of a consulting arrangement thereafter.  Therefore, in consideration of the foregoing and the mutual covenants and promises of the parties, and other good and valuable considerations, the receipt and sufficiency of which are hereby acknowledged, the parties agree as set forth below:

1.           Employment and Retirement of Employee. Beginning on the date of this letter agreement (the “Agreement”), you shall serve as Senior Vice President - Real Estate Operations of the Company and you shall no longer serve as Senior Vice President- Finance, Treasurer and Chief Financial Officer of the Company.  You will continue to occupy and perform your current employment duties as Senior Vice President- Real Estate Operations of the Company from your current office at the Company’s current executive offices, and you will not be relocated or assigned additional or new duties or responsibilities not currently performed by the Senior Vice President- Real Estate Operations of the Company.  By execution of this Agreement, you irrevocably and voluntarily elect to retire and to resign from the employment by the Company and to relinquish such position, and to retire from all other offices, titles, and directorships you may hold with the Company and its subsidiaries, all on September 30, 2012 (“Effective Date of Retirement”).  Between the execution of this Agreement and the Effective Date of Retirement, you will continue to be paid your current annual salary and receive your current employee and other benefits.  Under the terms set forth in this Agreement and in consideration of your commitments set forth herein, the Company shall pay to you as an early retirement incentive in accordance with the Company’s severance policy the sum of $147,635, plus reimbursement for any unused vacation days, less applicable taxes and withholdings, on September 30, 2012 (“Early Retirement Incentive”).  The Early Retirement Incentive will be included as wages in the Form W-2 issued by the Company for you for tax year 2012.  On the Effective Date of Retirement you shall have the right to retain your current Company-provided mobile phone and mobile phone number for your personal use.  In accordance with the terms of the Company’s 401(k) plan, the Company will make the matching contributions on the salary deferrals you make during 2012 as a participant under such plan prior to the Effective Date of Retirement.

2.           Retention as Consultant and Consulting Term.

(a)           Subject to the terms and conditions set forth herein, the Company, at its options and in its sole discretion, may retain you to render consulting and strategic advisory services (“Services”) in connection with the business, prospects, relationships, and financial and regulatory compliance initiatives of the Company as reasonably requested by the Company from time to time by its Chief Executive Officer, and, subject to your then availability to provide such Services, you hereby agree to accept such engagement.  The Company may elect to engage you from time to time for such Services on a daily basis at the rate of $650 per day, regardless of the hours you may work on any such day; provided however, that in no event shall you be expected to perform, or perform, services that exceed 20% of the average level of bona fide services you provided to the Company during the final 36 months of your employment by the Company. The intent of the foregoing is that you shall have incurred a “separation from service” within the meaning of Internal Revenue Code Section 409A, from the Company on the Effective Date of Retirement and shall be interpreted accordingly.  Each of you and the Company shall bear its own costs and expenses in performing their obligations under this section of this Agreement; provided, however, that the Company shall reimburse you for all authorized travel and business expenses incurred by you in rendering such Services in accordance with the Company’s employee travel and business expense reimbursement policy or procedure. You will not be eligible to receive any Company-provided benefits during the term of any such Services.  The Company may elect to terminate your engagement as a consultant at any time by written notice to you.  As an independent contractor you shall be solely responsible for all income and other tax liabilities or obligations resulting from the Services rendered pursuant to this Agreement and will be issued a tax Form 1099.

(b)           You will perform the Services in a professional, competent and ethical manner.  You may render the Services in any manner that does not interfere with your ability to effectively perform the Services. Your engagement is non-exclusive and you may pursue other business interests that do not interfere with your ability to perform the Services or violate any ethical obligations owed to the Company. You and the Company specifically intend and agree that your engagement as a consultant be in the nature of an independent contractor relationship.

3.           Termination of Employment. Your employment may be terminated at any time by the Company with Cause upon written notice of termination delivered to you.  For purposes of this Agreement, “Cause” shall mean: (a) your arrest or conviction for, plea of nolo contendere to, or admission of the commission of, any act of fraud, misappropriation, or embezzlement, or a criminal felony involving dishonesty or moral turpitude; (b) a breach by you of any material provision of this Agreement provided you are given reasonable notice of, and a reasonable opportunity to cure, any such breach; (c) any act or intentional omission by you involving dishonesty or moral turpitude; or (d) any act or intentional omission by you which would cause the Company significant reputational injury, such as defamation, libel, and slander.  Your employment or consultancy with the Company hereunder shall terminate automatically upon your death or upon your becoming disabled such that you cannot perform the essential functions of your employment position or the essential requirements of the consultant Services with or without reasonable accommodation; provided, however, that your death or disability shall not affect or terminate your right to receive the Early Retirement Incentive hereunder, which in the event of your death shall be paid by the Company to the personal representative of your estate. Notwithstanding anything in this Agreement to the contrary, nothing contained in this Agreement shall affect your eligibility for employee disability benefits under any applicable employee disability insurance plan or your right to receive payment of the Early Retirement Incentive hereunder (other than in the case of termination with Cause under the circumstances described in subsections (a) or (d) of the definition of Cause in this Section 3).

4.           Waiver and Release.  You hereby waive and release the Company (including each of its past and present related entities including affiliated associations, parent companies, employee benefit plans, including the Company’s 401(k) plan, insurers, subcontractors, successors and assigns, and any and all of its and their past, current, and future officers, directors, employees, and agents and all persons acting by, through, under, or in concert with any of them, both individually and as agents or representatives of these entities) from, all claims, rights, administrative charges, and causes of action, both known and unknown, in law or in equity, of any kind whatsoever, that you have or could have made against the Company through the date of signing this Agreement. You waive and release the Company from all claims, rights, charges and causes of action relating to or arising out of your employment with, conditions of employment with, compensation by, or separation and/or termination of employment from the Company, including, without limitation, any claims, rights, charges or causes of action arising under Title VII of the Civil Rights Act of 1964, as amended; the Age Discrimination in Employment Act of 1967, as amended; the Older Workers Benefit Protection Act of 1990; Executive Order Nos. 11246 and 11478; the Equal Pay Act of 1963, as amended; the Retirement Income Security Act of 1974, as amended; the Rehabilitation Act of 1973, as amended; the Americans With Disabilities Act of 1990, as amended; the Family and Medical Leave Act of 1993; the Occupational Safety and Health Act of 1970, as amended; the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA), as amended; the Florida Civil Rights Act of 1992, as amended; any Florida or federal Whistleblower laws; Florida Statutes, Sec.112.3187, 440.205, and 448.102 and any other federal or state law or local ordinance whether dealing with discrimination or otherwise, including any suit in tort (including negligence and personal injury) or contract (whether oral, written or implied), or any other common law or equitable basis of action, except for any claim which may not lawfully be waived in this manner or a claim based upon any obligation of the Company under this Agreement.

You understand and agree that this Agreement specifically refers also to rights or claims that you may have under the Age Discrimination in Employment Act of 1967, as amended, and that you are not waiving any rights or claims that arise after the date you sign this Agreement.  You further acknowledge and agree that you have received additional money and/or consideration for signing this Agreement (and agreeing to remain employed with the Company through the close of business on September 30, 2012), in addition to anything of value to which you are already entitled and that you have been given at least 21 days within which to consider this Agreement.  You also understand that you may voluntarily accept this Agreement at any time during the 21-day period.  You also acknowledge that you have been advised to discuss this Agreement with an attorney of your own choosing prior to signing it.  You agree and understand that you are responsible for any costs, fees and expenses you incur in connection with the consideration and execution of this Agreement, including any fees and expenses associated with the retention of counsel.  By executing this Agreement, you certify that you have had the opportunity to consult with an attorney of your own choosing.

You understand and agree that you may revoke and cancel this Agreement, in writing, at any time within seven (7) days after this Agreement has been fully executed by you.  The revocation and cancellation must be postmarked within seven (7) days of the signing of this Agreement and must be sent to the Company as set forth in Section 7, within the seven (7) day revocation period.  By signing this Agreement, you fully understand, recognize and agree that you are knowingly and voluntarily waiving any rights you have under the Age Discrimination in Employment Act of 1967, as amended.

If you do exercise your right of revocation and cancellation, this Agreement will become null and void at that time and you will not be entitled to any monies as provided herein.

This Agreement shall not become effective until after the expiration of the 7-day revocation period and a reasonable time for receiving any revocation has expired (which the Parties agree shall be three (3) additional days).  After such time, if there has been no written revocation as provided herein, then this Agreement shall be fully effective and enforceable.

 

 

  

  

 

  

5.           Mutual Non-Disparagement. Except as required by law, you and the Company agree to refrain from expressing (or causing others to express) to any third party, any derogatory or negative opinions, comments, statements, or any other action of such a nature concerning you and the Company, including to friends, current or former employees, elected or appointed government officials, business associates, members of any bar association, customers, the press, or vendors or suppliers of the Company.

6.           Survival of Non-Disclosure Agreement.  Notwithstanding anything to the contrary herein, the terms, provisions and obligations set forth in that certain Consolidated Tomoka Land Co. Proprietary Model Non Disclosure Agreement dated April 26, 2011, between you and the Company shall survive the execution and delivery of this Agreement and the consummation of the transactions described herein.

7.           Notices.  All notices and other communications given or made pursuant hereto shall be in writing and delivered by hand or sent by registered or certified mail (postage prepaid, return receipt requested) or by nationally recognized overnight air courier service and shall be deemed to have been duly given or made as of the date delivered if delivered personally, or if mailed, on the third business day after mailing (on the first business day after mailing in the case of a nationally recognized overnight air courier service) to the parties at the following:

 

If to Consolidated Tomoka:

 

Consolidated-Tomoka Land Co.

1530 Cornerstone Boulevard, Suite 100

Daytona Beach, Florida 32117

 

If to you:

 

Bruce W. Teeters

567 N. Beach Street

Ormond Beach, FL 32174

 

8.           Severability. If a court of competent jurisdiction invalidates any provision of this Agreement, then all of the remaining provisions of this Agreement shall continue unabated and in full force and effect.

9.           Entire Agreement.  This Agreement contains the entire understanding and agreement between the parties and shall not be modified or superseded except in writing by the parties to this Agreement. Except as specifically provided herein, this Agreement supersedes and renders null and void any previous agreements or contracts, whether written or oral, between you and the Company but shall not serve to waive or modify any vested rights or benefits associated with your employment by the Company (including but not limited to your 401(k) account and any vested benefits under the Company’s defined benefit or deferred compensation plans or any stock option grants received by you prior to the date of the execution of this Agreement).  You and the Company specifically recognize that you are a participant in Consolidated-Tomoka Land Co. Deferred Compensation Plan for Officers and Key Employees and that you are not waiving, and are entitled to, whatever benefits that Plan provides for you as an eligible employee.

10.           Governing Law.  The laws of the State of Florida shall govern this Agreement.

	
            11.  

	
Arbitration; Attorney’s Fees and Costs.  In the event a dispute arises out of this Agreement, the parties agree to resolve all disputes through final and binding arbitration in Volusia County, Florida, in accordance with the Rules of the

American Arbitration Association. The prevailing party in any action to enforce or construe the terms and provisions of this Agreement will be entitled to an award of reasonable attorneys’ fees and costs from the non prevailing party.

 

Sincerely,

CONSOLIDATED-TOMOKA LAND CO.

By:/s/ John P. Albright                                                        

John P. Albright

President and Chief Executive Officer

Agreed and accepted this 19th day of April, 2012

By:/s/ Bruce W. Teeters                                                       

            Bruce W. Teeters

Back to 8KEx 10.1 Lazar Agreement

Exhibit 10.1

EMPLOYMENT AGREEMENT

This Agreement (“Agreement”) is entered into by and between Hiram Lazar (“Employee”) and Dial Global, Inc. (the “Company”).

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

2.    Term of Employment.  Subject to the provisions for termination hereinafter provided, Employee's term of employment by the Company shall commence on April 16, 2012 (the “Effective Date”) and shall continue in effect through June 30, 2014 (the “Term”).  If the Company desires not to extend this Agreement, it shall deliver written notice to Employee on or prior to the 180th day immediately preceding the expiration of the Term of its intention to terminate this Agreement effective on the last day of the Term.  Unless otherwise terminated pursuant hereto, if Employee continues to be employed by the Company after the Term, then Employee's employment shall be deemed to continue until such time as either party shall deliver written notice to the other party and this Agreement shall terminate sixty (60) days after the giving of such notice.  Except as otherwise set forth herein, if either party hereto desires to terminate this Agreement at the end of the Term or thereafter, the same sixty (60) days' prior written notice shall apply.  The period from the Effective Date through the date of termination is hereinafter referred to as the "Employment Period".  For purposes of this Agreement, the “date of termination” shall be deemed to be the effective date of termination.

3.    Services to be Rendered by Employee.      

(a)    During the Employment Period, Employee shall serve as the Chief Financial Officer and Chief Administrative Officer.  Employee shall perform such duties as from time to time may be delegated to Employee and will continue to perform duties as requested by the co-Chief Executive Officer(s) or the Board of Directors (the “Board”).  Employee shall devote all of Employee's professional time, energy and ability to the proper and efficient conduct of the Company's business.  Employee shall observe and comply with all reasonable lawful directions and instructions by and on the part of the co-Chief Executive Officers or the Board and endeavor to promote the interests of the Company and not at any time during the Employment Period (and any period during which Employee receives severance) do anything which may cause or tend to be likely to cause any loss or damage to the Company in business, reputation or otherwise. 

(b)    The Company may from time to time call on Employee to perform services related to the business of developing, selling and broadcasting network and/or syndicated radio programming and/or commercial inventory, which may include (in the Company's sole discretion) contributing to the day-to-day management and operation of such business, soliciting Sponsors and Affiliates (as such terms are defined in Section 11 hereof) or dealing with their accounts or other activities related to the Company's business, as reasonably requested from time to time by the co-Chief Executive Officers or the Board.  It shall be within the Company's discretion to reasonably change or otherwise alter Employee's duties, title or responsibilities provided that such is consistent with those of a lead executive of finance and/or administration.  Any change shall be binding on Employee for all purposes of this Agreement.  

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

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

4.    Compensation.

(a)    Base Salary.  For the services to be rendered by Employee during the Employment Period, the Company shall pay Employee, and Employee agrees to accept a monthly base salary (the “Base Salary”) of Thirty-Three Thousand Three Hundred Thirty-Three Dollars and 33 Cents ($33,333.33) for the Employment Period, payable in accordance with the Company's normal payroll practices. Employee shall be eligible for annual increases in Base Salary based on performance in the sole and absolute discretion of the Compensation Committee or their designee.

(b)    Discretionary Bonus.  Employee shall be eligible for an annual discretionary bonus valued at up to One Hundred Thousand Dollars ($100,000) for each calendar year in the sole and absolute discretion of the Board of Directors or its Compensation Committee or their designee.  The Company may use the Company's achievement of goals as guidelines to determine Employee's eligibility for a discretionary bonus.  Any cash component of any bonus will be payable in accordance with the Company's normal payroll practices and no later than April 30 following the calendar year for which the discretionary bonus is to be paid.  Employee shall be eligible for a bonus for a calendar year, pro-rated or otherwise, provided, however, if Employee is not an employee of the Company: (i) at the time such bonus is to be paid or (ii) if Employee has breached this Agreement or any of its other obligations to the Company as described in the Company's policies and procedures, Company shall not be obligated to pay any bonus for such calendar year.  

(c)    Equity Awards.  Employee shall be eligible for grants of equity compensation recommended by the co-Chief Executive Officers, subject to the approval of and in the sole and absolute discretion of the Board of Directors or its Compensation Committee or their designee.  All equity compensation granted to Employee, including such awards made pursuant to this subsection hereof, shall be granted subject to the terms and conditions of the Company's equity compensation plan under which the awards are granted, and using such form award as the Compensation Committee has approved for grants to Company employees.
                            
(d)    Benefits.  During the Employment Period, Employee shall be entitled to four (4) weeks of vacation per calendar year, subject to prevailing practice and/or policies of the Company in regard to vacations for its employees.  Employee shall be entitled to participate in all benefits plans that may be established by the Company for employees, subject to the terms and conditions of such plans.

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

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

6.    Termination of Employment.  

(a)    During the Employment Period, the Company shall have the right to terminate the employment of Employee hereunder immediately by giving notice thereof to Employee if any of the following has occurred, which notice shall state the circumstances or events constituting Cause; provided, that, in the case of clauses (i) through (iv) of this Section 6(a), Employee shall be given a reasonable opportunity to cure, but in no event no less than five (5) business days and no more than ten (10) business days, to the extent such act or failure to act is curable:

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

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

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

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

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

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

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

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

(d)    The Company may terminate Employee's employment hereunder during the Term effective at any time upon written notice to Employee.  In the event that the Company terminates Employee's employment other than pursuant to Section 6(a) or 6(b) (including by notice of non-renewal by the Company during the Employment Period effective on the Company's specified date of Employee's termination), subject in all cases to Employee's executing and not revoking a waiver and general release provided to Employee by the Company (the “Release”), the Company shall pay Employee severance pay equal to the greater of: (i) the remaining Base Salary due to Employee through the end of the Term to be paid in equal payments over the remainder of the Term and (ii) six (6) months' of Employee's Base Salary, on a schedule that mirrors the Company's then effective payroll practices; provided, however, that that in the case of such termination the six-month delay set forth in Section 17(b) shall apply to such amounts payable upon termination to the extent they exceed the Separation Pay Limit (as defined in  Section 17(b)).  For the avoidance of doubt, it is understood and agreed that notwithstanding anything contained herein to the contrary, Employee shall have no duty to mitigate in the event that Company exercises its rights pursuant to this Section 6(d).

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

(f)     In addition, in the event of a termination by the Company other than pursuant to Sections 6(a) and 6(b) hereof, subject to Employee's (x) timely election of continuation

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coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) with respect to the Company's group health insurance plans in which Employee participated immediately prior to the date of termination (“COBRA Continuation Coverage”), and (y) continued payment of premiums for such plans at the active employee rate (excluding, for purposes of calculating cost, an employee's ability to pay premiums with pre-tax dollars), the Company shall provide COBRA Continuation Coverage for Employee until the earliest of: (I) nine (9) months from the date of termination, (II) Employee ceasing to be eligible under COBRA, and (III) Employee becoming eligible for coverage under the health insurance plan of a subsequent employer.  For the avoidance of doubt, it is understood and agreed that notwithstanding anything contained herein to the contrary, Employee shall have no duty to mitigate in the event that Company exercises its rights pursuant to this Section 6(f).

7.    No Conflict of Interest; Proper Conduct.  (a) During the Employment Period and for an additional period equal to the greater of (x) if Employee is terminated pursuant to Section 6(d), the time period during which Employee is paid severance by the Company after the Employment Period, and (y) the time period of up to twelve (12) months after your employment ceases so long as the Company pays you (at the Company's option) for each such day after the date your employment ceases at the rate of your Base Salary in accordance with the Company's then-effective payroll practices, Employee will not, directly or indirectly, either individually or as a stockholder (except as a stockholder of less than one percent (1%) of the issued and outstanding stock of a publicly-held corporation whose gross assets exceed $100,000,000), investor, officer, director, member, employee, agent, trustee, associate or consultant of any Person:

(i)    compete with the Company in any business that provides, sells or broadcasts network and/or syndicated radio programming/services and/or commercial inventory in competition with that then carried on by the Company and/or its Related Entities;
  
(ii)    engage in or carry on any Restricted Activity;  

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

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

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

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proceeding which may be brought to enforce any provisions of this Section 7.  Resort to such equitable relief, however, shall not constitute a waiver of any other rights or remedies which the Company may have.

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

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

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

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

Affiliates.  Any Person with whom the Company has or had a contract or other arrangement to broadcast, transmit or provide programming and/or commercial inventory within the twelve (12) months prior to the applicable event and/or date.

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

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

Related Entity or Related Entities.  Any Person that directly or indirectly controls, is controlled by, or is under common control with the Company (or its successor or assign).  As used in this definition, the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

Restricted Activities.  Any of the following: (i) providing services to a radio network or syndicator, or any direct competitor of the Company or its Related Entities that provides, sells or broadcasts network and/or syndicated radio programming/services and/or commercial inventory; (ii) soliciting Sponsors and dealing with accounts with respect to the immediately preceding clause (i); (iii) soliciting Affiliates to enter into any contract or arrangement with any Person to provide the information set forth in clause (i); or (iv) forming or providing operational assistance to any business or a division of any business engaged in the foregoing activities.

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

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

13.    Arbitration.  The parties hereby agree that any and all claims or controversies relating to Employee's employment with the Company, or termination thereof, including but not limited to claims for breach of contract, tort, unlawful discrimination or harassment (including any claims arising under Title VII, the Americans with Disabilities Act, and the Age Discrimination in Employment Act),

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

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

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

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

17.    Section 409A of the Code.

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

(b)    A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service”

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

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

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

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IN WITNESS WHEREOF, this Agreement is EXECUTED as of the 16th day of April 2012 to be EFFECTIVE FOR ALL PURPOSES as of the Effective Date.

"COMPANY"

DIAL GLOBAL, INC.

By: /S/SPENCER L.BROWN
Name: Spencer L. Brown
Title:  Co-Chief Executive Officer
Address: 220 West 42nd Street
  New York, NY 10036

"EMPLOYEE"
                

/S/HIRAM LAZAR_____
Hiram Lazar
Address: 

   

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