Document:

Exhibit 10.2

                   EXPENSE AND INDEMNITY AGREEMENT - JPMORGAN

December 2, 2005

Mr. Albert Mari, Jr., Vice President
JPMorgan Chase Bank, N.A.
4 New York Plaza, 15th Floor
New York, New York 10004
Attention:  Institutional Trust Services

Dear Mr. Mari:

The Hartford Life Global Funding program (the "Program") is a program for the
issuance to the public from time to time, of one or more series of notes (each a
Series of "Notes") by newly created statutory trusts organized under the laws of
the State of Delaware (each a "Trust"). A separate Trust will be formed for the
issuance of each series of Notes, pursuant to a trust agreement, between
Wilmington Trust Company, as Delaware trustee (the "Delaware Trustee") and
Amacar Pacific Corp., as administrator and Beneficial Holder (the "Trust
Agreement"). Each Trust shall enter into a separate indenture (each an
"Indenture") with JPMorgan Chase Bank, N.A. ("JPMorgan") as indenture trustee.
Each series of Notes are secured solely by assets held by the relevant Trust.
The proceeds from the sale of each series of Notes are to be used to purchase a
Funding Agreement issued to the relevant Trust by Hartford Life Insurance
Company, a Connecticut stock life insurance company ("Hartford Life"). Each
Trust shall be administered pursuant to an administrative services agreement
between the Delaware Trustee and Amacar Pacific Corp., as administrator (the
"Administrator"), dated April 15, 2005, whereby the Administrator  has agreed to
provide certain services of the Trust.

         In consideration of JPMorgan providing services in connection with the
Program and pursuant to the Issuance Documents under which JPMorgan has certain
duties and obligations, Hartford Life hereby agrees to the following
compensation arrangements and terms of indemnity.

         1. DEFINITIONS. The following terms, as used herein, have the following
meanings:

         "EXCLUDED AMOUNTS" means (i) any obligation of a Trust to make any
payment to any Holder in accordance with the terms of an Indenture or the Notes,
(ii) any obligation or expense of a Trust to the extent that such obligation or
expense has actually been paid utilizing funds available to such Trust from
payments under a Funding Agreement, (iii) any cost, loss, damage, claim, action,
suit, expense, disbursement, tax, penalty or liability of any kind or nature
whatsoever imposed on JPMorgan that results from the bad faith or negligence of
JPMorgan, (iv) any costs and expenses attributable solely to JPMorgan's
administrative overhead, (v) any tax imposed on fees paid to JPMorgan, (vi) any
withholding taxes imposed on or with respect of payments with respect to the
Notes made under any Funding Agreement, an Indenture or any Note and (vii) any
Additional Amounts paid to any Holder.

         "FEES" means the fees as set forth in the fee schedule attached hereto
as EXHIBIT A, as revised from time to time in accordance herewith, or in any
separate fee agreement between Hartford Life and JPMorgan.

<PAGE>

         "INDEMNIFIED PERSON" means any person entitled to indemnity payments
pursuant to Section 5.

         "OBLIGATION" means any and all Reasonable Costs and Expenses incurred,
relating to the offering, sale and issuance of the Notes by a Trust and the
administration of the Issuance Documents, including (i) the reasonable fees and
expenses of counsel, and (ii) costs and expenses of a Trust; provided that
Obligations do not include Excluded Amounts or Fees and further provided that
the parties acknowledge that JPMorgan is not obligated to pay the cost or
expenses of any Trust.

         "REASONABLE COSTS AND EXPENSES" are limited to (i) all reasonable
expenses actually and reasonably incurred by JPMorgan that either do not exceed
the indicated amounts listed in EXHIBIT B or have been approved in writing in
advance by an officer of Hartford Life including the reasonable legal expenses
incurred in connection with proposed amendments to an Indenture, related
documents or the Program or in connection with series of Notes having features
not contemplated or provided for at the inception of the Program and (ii) any
extraordinary cost or expense actually incurred by JPMorgan that was not
reasonably anticipated by JPMorgan or which was not reasonably avoidable;
provided that JPMorgan will give Hartford Life prompt notice of any such
extraordinary cost or expense.

         In the case of expenses approved in writing in advance pursuant to the
definition of "Reasonable Costs and Expenses," Hartford Life agrees, from time
to time, at the request of JPMorgan, to negotiate reasonably and in good faith
reasonable modifications in such expenses that, owing to the nature of the
transaction giving rise to such expenses, JPMorgan reasonably anticipates will
be incurred by it.

         Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the Indentures.

         2. FEES.  Hartford Life hereby agrees to pay JPMorgan its Fees promptly
after delivery of JPMorgan's invoice therefor.  If there is a substantive change
in the nature of  JPMorgan's  duties  acceptable  to the  parties,  the  parties
mutually  agree to negotiate an equitable  adjustment to JPMorgan's  Fees and to
reflect such adjustment in a revised EXHIBIT A.

         3. PARTIAL  REFUND.  If JPMorgan  resigns or its appointment is revoked
pursuant to any of the  Issuance  Documents  under which  JPMorgan has duties or
obligations,  JPMorgan  will repay to Hartford  Life such part of any annual Fee
paid to it as may be agreed between JPMorgan and Hartford Life.

         4. PAYMENT OF  OBLIGATIONS.  If JPMorgan  delivers  written  notice and
evidence,  reasonably  satisfactory  to  Hartford  Life,  of any  Obligation  of
JPMorgan,  Hartford  Life shall,  upon receipt of such notice  promptly pay such
Obligation.  Notice of any Obligation (including any invoices) should be sent to
Hartford  Life at its address set forth below,  or at such other address as such
party shall hereafter furnish in writing:

<TABLE>
<CAPTION>
         If by overnight delivery:                           If by U.S. Mail:

         <S>                                                 <C>
         Hartford Life Insurance Company                     Hartford Life Insurance Company
         200 Hopmeadow Street                                P.O.  Box 2999
         Simsbury, Connecticut 06089                         Hartford, Connecticut 06104-2999
         Attn.:  Institutional Investment Products           Attn.:  Institutional Investment Products
         Telephone:  (860) 843-9477
         Facsimile:  (860) 843-5775
</TABLE>

<PAGE>

         JPMorgan will (i) from time to time execute all such instruments and
other agreements in a form reasonably satisfactory to JPMorgan and take all such
other actions as Hartford Life may reasonably request, to protect any interest
of Hartford Life with respect to any Obligation or to enable Hartford Life to
exercise or enforce any right, interest or remedy it may have with respect to
any such Obligation, and (ii) release to Hartford Life any amount received from
Hartford Life relating to any Obligation or any portion of any Obligation,
immediately after any such amount relating to such Obligation, or any portion of
any such Obligation, is otherwise received by JPMorgan from a party other than
Hartford Life.

         Hartford Life and JPMorgan hereby agree that all payments due under
this Agreement in respect of any Obligation shall be effected, and any
responsibility of Hartford Life to pay such Obligation pursuant to this
Agreement shall be discharged, by the payment by Hartford Life to the account of
the person to whom such Obligation is owed.

         5.  INDEMNIFICATION.  Subject to Section 6 and 7,  Hartford Life hereby
agrees to indemnify,  and to hold harmless, to the full extent permitted by law,
JPMorgan, its officers, directors,  successors,  assigns, legal representatives,
agents and servants who was or is a party or is threatened to be made a party to
any threatened,  pending or completed action,  suit or proceeding relating to or
arising out of the  acceptance  or  administration  by JPMorgan of its trusts or
agencies under the Issuance  Documents or the performance or  non-performance by
the Indemnified Person of its duties or fulfillment of its obligations under the
Issuance  Documents  or any other  agreement  relating  to the  Program to which
JPMorgan   becomes  a  party,   whether  civil,   criminal   administrative   or
investigative,  against  losses,  out-of-pocket  costs and expenses  (including,
without  limitation,  interest and  reasonable  attorneys'  fees and  expenses),
liabilities (including liabilities for penalties),  judgments, damages and fines
incurred  by such party in  connection  with the defense or  settlement  of such
action,  suit or proceeding,  except where any such claim for indemnification is
or  relates  to any  Excluded  Amount or is caused by the  Indemnified  Person's
negligence or willful misconduct.

         The indemnification provided for herein supersedes in all respects any
indemnification provision contained in any other Issuance Document or any other
agreement relating to the Program to which JPMorgan is or becomes a party.

         6. INDEMNIFICATION  PROCEDURES. An Indemnified Person shall give prompt
written notice to Hartford Life of any action,  suit or proceeding  commenced or
threatened  against the  Indemnified  Person.  Failure to provide  prompt notice
shall  exclude  Hartford Life from its  obligation  to provide  indemnity to the
extent  that its  ability  to defend  any such  action,  suit or  proceeding  is
impaired by such failure.  In case any such action,  suit or proceeding shall be
brought  involving  an  Indemnified  Person,  Hartford  Life  may,  in its  sole
discretion,  elect to assume the defense of the Indemnified Person, and if it so
elects to assume such defense,  Hartford Life shall, in  consultation  with such
Indemnified  Person,  select counsel,  reasonably  acceptable to the Indemnified
Person,  to represent the  Indemnified  Person and pay the  reasonable  fees and
expenses of such counsel;  provided, that if JPMorgan is the Indemnified Person,
such  counsel  shall  be on its  approved  counsel  list.  In any  such  action,
investigation  or  proceeding,  the  Indemnified  Person shall have the right to
retain its own counsel but Hartford  Life shall not be obligated to pay the fees
and  disbursements  of such counsel unless (i) Hartford Life and the Indemnified
Person shall have  mutually  agreed to the retention of such counsel or (ii) the
named parties to any such action,  investigation  or proceeding  (including  any
impleaded  parties)  include both Hartford Life and the  Indemnified  Person and
representation of both parties by the same counsel would be inappropriate due to
actual or potential  differing  interests  between them.  It is understood  that
Hartford Life shall not, in connection with any proceeding or related proceeding
in the same  jurisdiction,  be liable for the fees and expenses of more than one
separate firm (in addition to any local counsel) for all Indemnified Persons who
are affiliated with JPMorgan.

<PAGE>

         7. OTHER  INDEMNIFICATION  TERMS.  Hartford Life shall be subrogated to
any right of the  Indemnified  Person in  respect  of the matter as to which any
indemnity was paid hereunder.  The Indemnified Person may not settle any action,
investigation  or  proceeding  without the consent of Hartford  Life,  not to be
unreasonably withheld.

         8. TRUST ANNUAL REPORTS.  Hartford Life shall (i) file as an exhibit to
each  Trust's  Annual  Reports  on Form 10-K (each a  "10-K"),  filed  under the
Securities  Exchange Act of 1934, as amended (the "Exchange  Act"), a compliance
certificate  (the "Compliance  Certificate")  prepared by JPMorgan and complying
with Item 1123 of Regulation AB (17 CFR  229.1100-1123)  ("Regulation AB"), with
such  changes  as it and  JPMorgan  may  from  time  to time  deem  appropriate,
including pursuant to clause (iii) of this Section,  (ii) at its expense,  cause
an  independent  registered  public  accounting  firm  that is a  member  of the
American  Institute of Certified Public Accountants to furnish to the management
of Hartford Life and to the Delaware  Trustee a report (the "Auditor's  Report")
complying  with Item 1122(b) of  Regulation  AB, with such changes as it or such
accountants may from time to time deem appropriate, including pursuant to clause
(iii) of this  Section  and such  changes as may be  required  in the case of an
Event of Default under the Indenture,  which Auditor's  Report shall be filed as
an exhibit to each Trust's  10-K(s),  (iii) make such changes to the  Compliance
Certificate  (subject to the approval of JPMorgan) or Auditor's  Report and file
or  cause  to be  filed  as  exhibit(s)  to  each  Trust's  10-K(s)  such  other
certifications and other documents as required under Regulation AB or such other
rules or regulations  adopted by the Securities and Exchange Commission that may
be applicable to such Trusts'  10-K(s) at the time of the filing of such Trusts'
10-K(s) and (iv) cause the  appropriate  officer at Hartford Life to provide the
certification  required  to be  filed  as an  exhibit  to each  Trust's  10-K(s)
pursuant to Rule  13a-14(d) or Rule 15d-14(d) of the Exchange Act, or such other
certification as may be required pursuant to the Exchange Act at the time of the
filing of such Trusts'  10-K(s).  JPMorgan  will provide  Hartford Life with the
certifications required by Item 1122(a) and Item 1123 of Regulation AB. Hartford
Life also hereby undertakes that, in the event that JPMorgan, in connection with
any  Indenture  or any Trust,  may be  required  to file or furnish  any reports
(other  than  Compliance   Certificates)  pursuant  to  the  Exchange  Act  (the
"Depositor  Reports") and the Exchange Act  authorizes  the party serving as the
depositor,  sponsor  or issuer of the  Program to file or furnish or cause to be
filed or furnished  such  Depositor  Reports,  then  Hartford  Life will, to the
extent permissible under applicable law, file or furnish or cause to be filed or
furnished  such  Depositor  Reports  pursuant  to the  Exchange  Act at its  own
expense.

         9. SURVIVAL.  The  obligations  of Hartford Life,  under this agreement
shall survive the termination of each of the Issuance Documents.

         10.  WAIVER.  No waiver,  modification  or amendment of this  agreement
shall be valid unless executed in writing by the parties hereto.

         11.  COUNTERPARTS.  This  agreement  may be  executed  in  counterparts
(including  by  facsimile  transmission),  each of which  when so  executed  and
delivered shall be deemed an original,  but all of such contracts shall together
constitute one and the same document.

         12. GOVERNING LAW. This agreement shall be governed by and construed in
accordance  with the laws of the State of New York,  without regard to conflicts
of laws principles.

         If the foregoing correctly sets forth the understanding and agreement
between Hartford Life and JPMorgan please so indicate by signing in the space
provided for below.

<PAGE>

                                        Very truly yours,

                                        HARTFORD LIFE INSURANCE COMPANY

                                        By:    /s/ Jeffrey L. Johnson
                                           -------------------------------------

                                        Name:  Jeffrey L. Johnson
                                             -----------------------------------

                                        Title: Assistant Vice President
                                              ----------------------------------

AGREED:

JPMORGAN CHASE BANK, N.A., IN ITS CAPACITY AS
INDENTURE TRUSTEE, PAYING
AGENT, CALCULATION AGENT, TRANSFER
AGENT AND REGISTRAR FOR THE PROGRAM

By:    /s/ Albert P. Mari, Jr.
   -------------------------------------

Name:  Albert P. Mari, Jr.
     -----------------------------------

Title: Vice President
      ----------------------------------EX-10.24

 

Exhibit 10.24

EMPLOYMENT AGREEMENT

          This Agreement (“Agreement”) is entered into by and between Paul Gregrey
(“Employee”) and Westwood One, Inc., a Delaware corporation (the “Company”).

WITNESSETH:

WHEREAS, the Company is in the business of selling radio broadcast advertising, and
developing, producing and broadcasting radio programming and traffic, news, sports,
weather and other information reports; and

WHEREAS, Employee has extensive sales, marketing and operations experience; and

WHEREAS, the Company desires to engage the services of Employee to serve as the
Executive Vice President Sales, Network Division of the Company on the terms and
conditions herein contained; and

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

     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 no later than May 1, 2003 (the
“Effective Date”) and shall continue in effect until April 1, 2006 (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 on a month-to-month basis
until such time as either party shall deliver written notice to the other party and this Agreement
shall terminate thirty (30) days after the giving of such notice. 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 thirty (30) days prior written notice shall apply. The period from the
Effective Date through the date thirty (30) days from the date any notice of termination referred
to above is delivered is hereinafter referred to as the “Employment Period”. Employee shall be
based in Company’s New York City office.

     3. Services to be Rendered by Employee.

          (a) During the Employment Period, Employee shall serve as the Executive Vice President,
Sales, Network Division of the Company or in such other position as is determined from time to time
by the Company’s Chief Executive Officer (“Chief Executive Officer”), President
(“President”), the Board of Directors (the “Board of Directors”) or their designee.
Subject to the direction of the Chief Executive Officer or President, Board of Directors or their
designee, Employee shall perform such duties as from time to time may be delegated to Employee by
such parties. Employee shall devote all of Employee’s professional time, energy and ability to the proper
and efficient conduct of the Company’s business. Employee shall observe and comply with all
reasonable lawful directions and instructions by and on the part of the Chief Executive Officer or
President, the Board of Directors or their designee and endeavor to promote the interests of the
Company and not at any time do anything which may cause or tend to be likely to cause any loss or
damage to the Company in business, reputation or otherwise.

Page 1

 

          (b) The Company may from time to time call on Employee to perform services related to the
business of developing and broadcasting network and syndicated radio programming and traffic, news,
sports and weather reports, which may include (in the Company’s sole discretion) contributing to
the day-to-day management and operation of such business, soliciting Sponsors and Affiliates (as
such terms are defined in Section 20 hereof) or dealing with their accounts or other activities
related to the Company’s business, as reasonably specified from time to time by the Chief Executive
Officer, the President, the Board of Directors or their designee. Subject to the foregoing,
Employee’s specific responsibilities shall include overseeing and directing all aspects of sales
for the Company’s network and syndicated programming division and radio advertising sales for the
Company’s network division. The Company may, in its sole discretion, restrict, expand, change or
otherwise alter the Employee’s duties, title or responsibilities. Any change shall be binding on
Employee for all purposes of this Agreement.

          (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 Conflicts of Interest policy, and
understands and has acknowledged such policies.

     4. Compensation.

          (a) Base Salary. For the services to be rendered by Employee during Employee’s employment by
the Company, the Company shall pay Employee, and Employee agrees to accept, an annual base salary
(the “Base Salary”) of $310,000 for calendar year 2003; $320,000 for calendar year 2004,
and $335,000 for calendar year 2005 and $345,050 for calendar year 2006.

          (b) Discretionary Bonus. Employee shall be eligible for an annual discretionary bonus valued
at up to $250,000 per year in the sole and absolute discretion of the Board of Directors or its
Compensation Committee or their designee. The bonus amount may be increased 10% per year or any
other amount at the sole and absolute discretion of management and the Board of Directors. The
parties agree to negotiate mutually-agreeable goals at the beginning of each calendar year which
the Company will use as a general guideline 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 payable in February of the subsequent year. Employee shall not be eligible for
any bonus for a calendar year, pro-rated or otherwise, if the Employee is not an Employee of the
Company: (i) at the end of the applicable calendar year; (ii) at the time such bonus is to be paid,
or (iii) if Employee has breached this Agreement.

Page 2

 

          (c) Paydates; Customary Employee Deductions. Employee’s Base Salary shall be payable
semi-monthly in arrears on the fifteenth day and on the last day of each calendar month or such
other date in conformity with the Company’s payroll policies in effect from time to time. For any
and all compensation or bonus paid by the Company to Employee pursuant to this Section 4, the
Company shall be entitled to deduct income tax withholdings, social security and other customary
employee deductions in conformity with the Company’s payroll policies in effect from time to time.

     5. Expenses. Subject to compliance by Employee with such policies regarding expenses and
expense reimbursement as may be adopted from time to time by the Company, the Company shall
reimburse Employee, or cause Employee to be reimbursed, in cash for all reasonable expenses. The
Company currently maintains trade relationships for restaurants, hotels, automobile rentals,
courier services, promotional items, etc. which may be used from time to time to cover ordinary and
necessary expenses of Employee.

     6. Benefits.

          (a) Company Plans; Insurance. During the Employment Period, Employee shall be entitled to
participate in all benefit plans, programs, group insurance policies, vacation sick leave and other
benefits that may from time to time be established by the Company for its employees, provided that
Employee is eligible under the respective provisions thereof.

          (b) Vacation. Employee shall be entitled each year to a vacation in accordance with the
prevailing practice of the Company in regard to vacations for its employees.

     7. Termination of Employment.

          (a) During the Employment Period, the Company shall have the right, if exercised in good
faith, to terminate the employment of Employee hereunder immediately by giving notice thereof to
Employee in the event of any of the following:

(i) if Employee has (A) willfully 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 8, 9 and 12 hereof, which
are governed by Section 7(a)(iv) hereof); (B) willfully breached any statutory or common
law duty; or (C) breached Section 3(c) or 3(d) of this Agreement.

(ii) if Employee commits a felony or a crime involving moral turpitude or if the
Company, acting in good faith and upon reasonable grounds, determines that Employee has
willfully engaged in conduct which would injure the reputation of the Company or
otherwise adversely affect its interest 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;
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;

Page 3

 

(iv) if Employee breaches any of the provisions of Section 8, 9 or 12 hereof or breaches
any of the terms or obligations of any other noncompetition and/or confidentiality
agreements entered into between Employee and the Company, or the Company’s Related
Entities (as defined in Section 20 hereof), if any; or

(v) if employee steals or embezzles assets of the Company.

          (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 this Section 7, Employee (or
Employee’s estate, as the case may be) shall be entitled to receive (i) the Base Salary herein
provided prorated to the date of such termination, (ii) Employee’s present entitlement, if any,
under the Company’s employee benefit plans, stock options and (iii) no other compensation.

     8. No Conflict of Interest; Proper Conduct; Restricted Activities.

          (a) The Company and Employee acknowledge and agree that the Company has divulged 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. Employee agrees that such
restrictions are reasonable and necessary to protect the goodwill, confidential information and
other legitimate business interests of the Company and such restrictions are entered into freely by
Employee. Employee acknowledges that the Company’s business and Employee’s responsibilities are
nationwide. The confidential information and trade secrets expected to be divulged to Employee
shall include information and trade secrets regarding the Company’s business and operations
nationwide.

          (b) While employed by the Company, Employee will not compete with the Company, directly or
indirectly, either for Employee or as a member of any association, partnership, joint venture,
limited liability partnership or limited liability company or other entity, 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 or director of
a corporation, or as an employee, agent, trustee, associate or consultant of any person,
association, trust, partnership, joint venture, registered limited liability partnership or limited
liability company, corporation or other entity, in any business in competition with that carried
on by the Company or its Related Entities. Employee shall not, without the Company’s prior written
consent, engage in any activity during Employee’s employment 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.

Page 4

 

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.

          (c) Employee further agrees that, in consideration of three months salary, payable in
accordance with normal payroll procedures, for a period of six (6) months from and after Employee’s
last day of employment under this Agreement (the “Restricted Period”), regardless of cause,
Employee will not engage in or carry on, directly or indirectly, either for Employee or as a member
of an association, trust, partnership, joint venture, limited liability partnership or limited
liability company or other entity, or as a stockholder (other than 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), or as an investor, officer or director of a corporation, or as an
employee, agent, trustee, associate or consultant of any person, association, trust, partnership,
corporation, joint venture, registered limited liability partnership or limited liability company,
or other entity, any Restricted Activity. Restricted Activities shall consist of: (i) providing
services to a traffic, news, sports, weather or other information report gathering or broadcast
service or to a radio network or syndicator, or any direct or indirect competitor of Westwood or
its Related Entities; (ii) soliciting Sponsors and dealing with accounts with respect thereto;
(iii) soliciting Affiliates to enter into any contract or arrangement with any person or
organization to provide traffic, news, weather, sports or other information report gathering or
broadcast services or national or regional radio network or syndicated programming; or (v) forming
or providing operational assistance to any business or a division of any business engaged in the
foregoing activities. It is understood however, that Employee will continue to have the rights to
vest and exercise his options during this Restricted Period.

          (d) Employee further covenants and agrees that during the Restricted Period, Employee will not
either individually, or on behalf of any other person, association, trust, partnership, joint
venture, limited liability partnership or limited company or other entity as an owner, member,
partner, agent, trustee, shareholder, joint venturer or otherwise, directly or indirectly, solicit
any customer and/or Sponsor of the Company or its Related Entities in competition with the Company.

          (e) Employee further agrees that during the Restricted Period, Employee will neither employ
nor offer to employ nor solicit employment of any employee or consultant of the Company or its
Related Entities.

          (f) Employee further agrees not to solicit, divert or attempt to divert any business,
patronage or customer of the Company or its Related Entities to Employee or a competitor or rival
of the Company or its Related Entities during the Restricted Period.

Page 5

 

          (g) Employee agrees that the limitations set forth herein on Employee’s rights are reasonable
and necessary for the protection of the Company and its Related Entities. In this regard, Employee
specifically agrees that the limitations as to period of time and geographic area, as
well as all other restrictions on Employee’s activities specified herein, are reasonable and
necessary for the protection of the Company and its Related Entities.

          (h) Employee agrees that the remedy at law for any breach by Employee of this Section 8 will
be inadequate and that the Company shall be entitled to injunctive relief (without bond or other
undertaking).

          (i) Employee and Company agree that to the extent a court of competent jurisdiction or
appropriate arbitral tribunal finds any of the foregoing covenants to be overly broad based on
applicable law, then the parties agree that the court shall reform the covenants to the extent
necessary to cause such covenants to be reasonable and enforce such covenants as reformed against
Employee.

     9. 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. Employee agrees that, by virtue of the special
knowledge that Employee has received or 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 term hereof and at any time thereafter Employee will not make use of or disclose,
without the prior consent of the Company, Confidential Information (as hereinafter defined)
relating to the Company and any of its Related Entities (including, without limitation, its Sponsor
lists, its Affiliates, its technical systems, its contracts, its methods of operation, its business
plans and opportunities, its strategic plans and its trade secrets), and further, that Employee
will return to the Company all written materials in Employee’s possession embodying such
Confidential Information. For purposes of this Agreement, “Confidential Information” means
information obtained by Employee during Employee’s employment relationship with the Company 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. Confidential Information shall also include the terms of this Agreement
(except with respect to Employee’s legal and tax advisors, and immediate family). Confidential
Information, however, shall not include information which Employee can show by written document to
be:

(a) Information that is at the time of receipt by Employee in the public domain 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;

(b) 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.

Page 6

 

The parties hereto agree that the remedy at law for any breach of Employee’s obligations under this
Section 9 of this Agreement would be inadequate and that any enforcing party shall be entitled to
injunctive or other equitable relief (without bond or undertaking) in any proceeding which may be
brought to enforce any provisions of this Section.

     10. Advertising and Publicity. Employee hereby grants the Company the royalty-free right to
use and license others to use Employee’s name, nickname, recorded voice, biographical material,
portraits, pictures, and likenesses for advertising purposes and purposes of trade, promotion and
publicity in connection with the institutions, services and products for the Company, its Related
Entities, Sponsors and Affiliates, such uses to be at such times, in such manner and through such
media as the Company may in its sole discretion determine. Such right shall last for so long as
Employee is employed by the Company and, in connection with the use or exploitation of any material
in which Employee has been involved during Employee’s employment, perpetually thereafter. Employee
shall not authorize or release any advertising or promotional matter or publicity in any form with
reference to Employee’s services hereunder, or to the Company’s or its Related Entities’ programs,
Sponsors or Affiliates, without the Company’s prior written consent.

     11. Work for Hire. Employee agrees that any ideas, concepts, techniques, or computer programs
relating to the business or operations of the Company and its Related Entities which are developed
by Employee during Employee’s employment hereunder, including each program and announcement
prepared for broadcast, and the titles, content, format, idea, theme, script, characteristics, and
other attributes thereof, 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. 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.

     12. Communications Act of 1934. Employee represents and warrants that neither Employee nor,
to the best of Employee’s knowledge, information and belief, any other person, 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 Employee’s employment, Employee shall comply with all legal requirements.

     13. 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.

     14. 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.

Page 7

 

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.

     15. Waiver of Breach of Agreement. 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.

     16. 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 or in Section 13 hereof, 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. Any attempt by Employee to assign this Agreement, or any portion thereof,
shall be deemed null and void and of no force and effect.

     17. Notices. 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 if deposited in the United States mail, first class, postage prepaid, registered or certified,
addressed as follows:

          (a) If to Employee, addressed to Employee at the address set forth below Employee’s name on
the execution page hereof.

          (b) If to the Company, addressed to:

Westwood One, Inc.

40 West 57th Street, 15th Floor

New York, New York 10019

Attention: President

or to such other address as either party hereto may request by written notice as herein provided.

     18. Severability. 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. It is the desire of the parties hereto
that this Agreement be enforced to the maximum extent permitted by law, and should any provision
contained herein be held unenforceable, the parties hereby agree and consent that such provision
shall be reformed to make it a valid and enforceable provision to the maximum extent permitted by
law.

     19. Title and Headings; Exhibits. Titles and headings to Sections hereof are for the purpose
of reference only and shall in no way limit, define or otherwise affect the provisions hereof.

Page 8

 

Any
and all exhibits referred to herein are, by such reference, incorporated herein and made a part
hereof.

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

          (a) Affiliates. Any organization, entity or person with whom the Company or any of the
Company’s Related Entities has or had a contract or other arrangement to provide traffic, news,
weather, sports, entertainment or other information or national or regional radio network or
syndicated programming, whether by broadcast, computer or any other means.

          (b) Sponsor(s). Any and all client advertisers of the Company or its Related Entities
including without limitation advertisers whose commercial material is to be, is or was incorporated
in any one or more of the Company’s programs or announcements, live or recorded, broadcast over the
facilities of the Company, by the Company, or pursuant to an arrangement with a Affiliate.

          (c) Related Entity or Related Entities. Any entity (or entities) that directly or indirectly
controls, is controlled by, or is under common control with the Company (or its successor or
assign), including but not limited to Westwood One Radio Networks, Inc., Westwood One Radio, Inc.,
Metro Networks Communications, Inc. and Metro Networks Communications, Limited Partnership. The
term “entity” as used in this Section 20(c) means an individual, corporation, partnership, joint
venture, limited liability partnership or limited liability company, trust, unincorporated
organization, association or other entity. As used in this Section 20(c), 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 or entity, whether through the ownership of voting securities,
by contract or otherwise.

     21. 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.

     22. 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 (as well as any claims arising
under Title VII, the Americans with Disabilities Act, and the Age Discrimination in Employment
Act), and any violation of any state or federal law (“Arbitrable Claims”), except for equitable
relief sought by a party in aid of arbitration, 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.

Page 9

 

     23. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the
parties hereto, their respective heirs, executors, successors and permitted assigns.

     24. Entire Agreement and Amendment. 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.

     25. Execution by Company. 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.

     26. No Inference Against Author. No provision of this Agreement shall be interpreted against
any party because such party or its legal representative drafted such provision.

     IN WITNESS WHEREOF, this Agreement is EXECUTED as of the ___day of ___, 2003 to be
EFFECTIVE FOR ALL PURPOSES as of the Effective Date.

	 	 	 	 	 	 	 
	 	 	“COMPANY”	 	 
	 
	 	 	 	 	 	 
	 	 	WESTWOOD ONE, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	  
	/s/ Shane Coppola
 

	 	 
	 	 	Printed Name: Shane Coppola	 	 
	 

	 	Title:
	President	 	 
	 
	 	 	 	 	 	 
	 	 	“EMPLOYEE”	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Paul Gregrey	 	 
	 	 	 	 	 
	 	 	Paul Gregrey	 	 
	 	 	Address:	 	 

Page 10

 

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

BETWEEN WESTWOOD ONE, INC. AND PAUL GREGREY

     The following, upon execution by the parties hereto, shall constitute Amendment No. 1, dated
January 3, 2006 (this “Amendment”), by and between Westwood One, Inc. (the
“Company”) and Paul Gregrey (“Employee”) to the Employment Agreement, entered into
by and between the Company and Employee, effective as of May 1, 2003 (the “Agreement”).
Capitalized terms used but not defined herein have the meaning set forth in the Agreement. The
parties hereto agree that the terms of the Agreement are hereby modified as set forth herein. In
the event of a conflict between the terms of the Agreement and the terms of this Amendment, the
terms of this Amendment shall prevail.

     1. Section 2 (Term of Employment) of the Agreement shall be amended by deleting the first
sentence of such Section and replacing it with the following:

     “Subject to the provisions for termination hereinafter provided, Employee’s term of employment
by the Company shall commence no later than May 1, 2003 (the “Effective Date”) and shall
continue in effect until April 1, 2009 (the “Term”).”

     2. Section 4(a) of the Agreement shall be amended by deleting such Section and replacing it
with the following in its entirety:

          “(a) Base Salary. For the services to be rendered by Employee during Employee’s
employment by the Company, the Company shall pay Employee, and Employee agrees to accept, an annual
base salary (the “Base Salary”) of $310,000 for calendar year 2003; $320,000 for calendar
year 2004, and $335,000 for calendar year 2005; $345,050 for calendar year 2006; $370,050 for
calendar year 2007; $395,050 for calendar year 2008; and $420,050 for calendar year 2009.

     3. The following shall be inserted as Sections 4(d) and 4(e) of the Agreement:

          “(d) Equity Compensation. Subject to the approval of and in the sole and absolute
discretion of the Board of Directors or its Compensation Committee or their designee, Company
management shall recommend that the Compensation Committee grant Employee in 2006 an award of: (i)
20,000 stock options; and (ii) 15,000 shares of restricted stock.

          (e) Retention Bonus. For the services to be rendered by Employee during the Term,
Employee shall receive as a retention bonus (“Retention Bonus”) a cash payment of $100,000
payable in accordance with the Company’s normal payroll practices and no later than February 28,
2006. The Retention Bonus shall be earned pro-rata on a monthly basis ($2,564.10 per month)
beginning on January 1, 2006 and continuing during the Term. If Employee breaches this Agreement,
in addition to any other remedies the Company may have,
Employee shall immediately repay to the Company any unearned portion of the Retention Bonus
and authorizes the Company to deduct such unearned portion of the Retention Bonus from any and all
payments owed to Employee by the Company before, at or after the date of breach by Employee.”

-1-

 

     4. Except as amended hereby, all provisions of the Agreement shall remain unmodified and in
full force and effect and are hereby ratified and confirmed.

     5. This Amendment shall have no binding effect until execution hereof by two (2) corporate
officers of the Company and Employee.

     6. The effective date of this Amendment shall be January 1, 2006.

[Next page is a signature page.]

-2-

 

     IN WITNESS WHEREOF, this Amendment is executed as of the date first written above TO BE
EFFECTIVE as of the effective date of this Amendment upon the execution hereof by two authorized
officers of the Company and the Employee.

	 	 	 	 	 	 	 
	WESTWOOD ONE, INC.	 	 	 	EMPLOYEE
	 
	By:

	 	/s/ Peter Kosann
	 	 	 	/s/ Paul Gregrey
	 

	 
	 	 	 	 
	Name: Peter Kosann	 	 	 	Paul Gregrey
	Title: CEO	 	 	 	 
	 
	 	 	 	 	 	 
	By:

	  
	/s/ David Hillman
 

	 	 	 	 
	Name: David Hillman	 	 	 	 
	Title: SVP, General Counsel	 	 	 	 

-3-

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