Document:

<PAGE>   1
                                FOURTH AMENDMENT

               FOURTH AMENDMENT, dated as of May 11, 2001 (this "Amendment"), to
the Amended and Restated Credit Agreement, dated as of August 31, 1999 (as
amended, supplemented or otherwise modified, the "Credit Agreement"), among
CUMULUS MEDIA INC., an Illinois corporation (the "Borrower"), the several banks
and other financial institutions or entities parties thereto (the "Lenders"),
LEHMAN BROTHERS INC., as advisor, lead arranger and book manager, BARCLAYS
CAPITAL, as syndication agent, and LEHMAN COMMERCIAL PAPER INC., as
administrative agent (in such capacity, the "Administrative Agent").

                              W I T N E S S E T H:

               WHEREAS, pursuant to the Credit Agreement, the Lenders have
agreed to make, and have made, extensions of credit to the Borrower; and

               WHEREAS, the Borrower has requested, and, upon this Amendment
becoming effective, the Required Lenders have agreed, that certain provisions of
the Credit Agreement be amended in the manner provided for in this Amendment;

               NOW, THEREFORE, in consideration of the premises and the
agreements hereinafter set forth, the parties hereto hereby agree as follows:

               Section 1. DEFINITIONS. Unless otherwise defined herein, terms
defined in the Credit Agreement and used herein shall have the meanings given to
them in the Credit Agreement.

               Section 2. AMENDMENTS TO SECTION 7.1 OF THE CREDIT AGREEMENT.

               (a) Section 7.1(a) of the Credit Agreement is hereby amended by
deleting in its entirety the table set forth in said section and substituting in
lieu thereof the following:

                                                      Consolidated
                   Test Period                       Leverage Ratio

          January 1, 2001 to March 31, 2001           6.75 to 1.00
          April 1, 2001 to June 30, 2001              7.35 to 1.00
          July 1, 2001 to September 30, 2001          7.25 to 1.00
          October 1, 2001 to December 31, 2001        7.00 to 1.00
          January 1, 2002 to March 31, 2002           6.75 to 1.00
<PAGE>   2
                                                                               2
                                                      Consolidated
                   Test Period                       Leverage Ratio
          April 1, 2002 to June 30, 2002              6.50 to 1.00
          July 1, 2002 to September 30, 2002          6.25 to 1.00
          October 1, 2002 to December 31, 2002        6.00 to 1.00
          January 1, 2003 and thereafter              5.25 to 1.00

               (b) Section 7.1(b) of the Credit Agreement is hereby amended by
deleting in its entirety the table set forth in said section and substituting in
lieu thereof the following:

                                                       Consolidated
                     Test Period                    Senior Debt Ratio

         January 1, 2001 to March 31, 2001             3.50 to 1.00
         April 1, 2001 to June 30, 2001                3.85 to 1.00
         July 1, 2001 to December 31, 2001             3.75 to 1.00
         January 1, 2002 to March 31, 2002             3.50 to 1.00
         April 1, 2002 to June 30, 2002                3.35 to 1.00
         July 1, 2002 to December 31, 2002             3.25 to 1.00
         January 1, 2003 and thereafter                3.00 to 1.00

               (c) Section 7.1(c) of the Credit Agreement is hereby amended by
deleting in its entirety the table set forth in said section and substituting in
lieu thereof the following:

                                                     Consolidated Interest
                   Test Period                          Coverage Ratio

           January 1, 2001 to March 31, 2001             1.40 to 1.00
           April 1, 2001 to September 30, 2001           1.35 to 1.00
           October 1, 2001 to December 31, 2001          1.40 to 1.00
           January 1, 2002 to March 31, 2002             1.45 to 1.00
           April 1, 2002 to June 30, 2002                1.50 to 1.00
           July 1, 2002 to September 30, 2002            1.55 to 1.00
           October 1, 2002 to December 31, 2002          1.65 to 1.00
           January 1, 2003 to December 31, 2004          1.30 to 1.00
           January 1, 2005 and thereafter                1.40 to 1.00
<PAGE>   3
                                                                               3

               Section 3. CONDITIONS TO EFFECTIVENESS. This Amendment shall
become effective on the date (the "Amendment Effective Date") on which (a) the
Administrative Agent shall have received (i) an executed counterpart of this
Amendment from the Borrower, (ii) executed Lender Consent Letters (or facsimile
transmissions thereof) from the Required Lenders consenting to the execution of
this Amendment by the Administrative Agent, (iii) an executed Acknowledgment and
Consent in the form annexed hereto from each Subsidiary Guarantor, and (iv) all
fees required to be paid, and all expenses for which invoices have been
presented (including reasonable fees, disbursements and other charges of counsel
to the Administrative Agent) and (b) the Borrower shall have paid to the
Administrative Agent, on behalf of each Lender which shall have executed and
delivered its Lender Consent Letter to counsel to the Administrative Agent by
2:00 p.m. (New York City time) on Friday , May 11, 2001, an amendment fee in an
amount equal to 0.25% of the sum of each such Lender's Revolving Credit
Commitments and Term Loans then outstanding.

               Section 4. REPRESENTATIONS AND WARRANTIES. The representations
and warranties made by the Loan Parties in the Loan Documents are true and
correct on and as of the Amendment Effective Date, before and after giving
effect to the effectiveness of this Amendment, as if made on and as of the
Amendment Effective Date, except to the extent such representations and
warranties expressly relate to a specific earlier date, in which case such
representations and warranties were true and correct as of such earlier date.

               Section 5. PAYMENT OF EXPENSES. The Borrower agrees to pay or
reimburse the Agents for all of their reasonable out-of-pocket costs and
expenses incurred in connection with this Amendment and any other documents
prepared in connection herewith and the transactions contemplated hereby,
including, without limitation, the reasonable fees and disbursements of counsel
to the Agents.

               Section 6. REFERENCE TO AND EFFECT ON THE LOAN DOCUMENTS. On and
after the Amendment Effective Date, each reference in the Credit Agreement to
"this Agreement", "hereunder", "hereof" or words of like import referring to the
Credit Agreement, and each reference in the other Loan Documents to "the Credit
Agreement", "thereunder", "thereof" or words of like import referring to the
Credit Agreement, shall mean and be a reference to the Credit Agreement as
amended hereby. The execution, delivery and effectiveness of this Amendment
shall not, except as expressly provided herein, operate as a waiver of any
right, power or remedy of any Lender or any Agent under any of the Loan
Documents. Except as expressly amended herein, all of the provisions of the
Credit Agreement and the other Loan Documents are and shall remain in full force
and effect in accordance with the terms thereof and are hereby in all respects
ratified and confirmed.

               Section 7. ACKNOWLEDGMENT AND CONFIRMATIONS. The Borrower hereby
acknowledges and confirms that it does not have any grounds and hereby agrees
not to challenge (or to allege or to pursue any matter, cause or claim arising
under or with respect to) the Credit Agreement or any of the other Loan
Documents, any of the terms or conditions thereof or thereunder, or the status
of any thereof as legal, valid and binding obligations enforceable in accordance
with their respective terms; and it does not possess (and hereby forever waives,
remises, releases, discharges and holds harmless the Lenders and the Agents, and
their respective affiliates, stockholders, directors, officers, employees,
attorneys,
<PAGE>   4
                                                                               4

agents and representatives and each of their respective heirs, executors,
administrators, successors and assigns (collectively, the "Indemnified Parties")
from and against, and agrees not to allege or pursue) any action, cause of
action, suit, debt, claim, counterclaim, cross-claim, demand, defense, offset,
opposition, demand and other right of action whatsoever, whether in law, equity
or otherwise (which it, all those claiming by, through or under it, or its
successors or assigns, have or may have) against the Indemnified Parties, or any
of them, prior to or as of the date of this Amendment and the effective date of
this Amendment for, upon, or by reason of, any matter, cause or thing
whatsoever, arising out of, or relating to the Credit Agreement or any of the
other Loan Documents (including, without limitation, any payment, performance,
validity or enforceability of any or all of the terms or conditions thereof or
thereunder) or any transaction relating to any of the foregoing, or any or all
actions, courses of conduct or other matters in any manner whatsoever relating
to or otherwise connected with any of the foregoing.

               Section 8. COUNTERPARTS. This Amendment may be executed by one or
more of the parties to this Amendment on any number of separate counterparts,
and all of said counterparts taken together shall be deemed to constitute one
and the same instrument. Delivery of an executed signature page of this
Amendment by facsimile transmission shall be effective as delivery of a manually
executed counterpart hereof. A set of the copies of this Amendment signed by all
the parties shall be lodged with the Borrower and the Administrative Agent.

               Section 9. GOVERNING LAW. This Amendment and the rights and
obligations of the parties hereto shall be governed by, and construed and
interpreted in accordance with, the law of the State of New York.
<PAGE>   5
                                                                               5

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

                                    CUMULUS MEDIA INC.

                                    By:
                                       _________________________________________
                                       Name:
                                       Title:

                                    LEHMAN COMMERCIAL PAPER INC., as
                                      Administrative Agent

                                    By:
                                       _________________________________________
                                       Name:
                                       Title:
<PAGE>   6
                           ACKNOWLEDGMENT AND CONSENT

               Each of the undersigned corporations as guarantors under the
Amended and Restated Guarantee and Collateral Agreement, dated as of August 31,
1999, made by the undersigned corporations in favor of the Administrative Agent,
for the benefit of the Lenders, hereby (a) consents to the transactions
contemplated by this Amendment, (b) acknowledges and agrees that the guarantees
(and grants of collateral security therefor) contained in such Guarantee and
Collateral Agreement are, and shall remain, in full force and effect after
giving effect to this Amendment and all prior modifications to the Credit
Agreement and (c) makes each and all of the acknowledgments and confirmations
set forth in Section 7 of this Amendment with any reference therein to "the
Borrower" being deemed to be a reference to such undersigned and any reference
therein to "the Loan Documents" being deemed to be a reference to the Guarantee
and Collateral Agreement.

                                       CUMULUS BROADCASTING, INC.

                                       By: ____________________________
                                                 Title:

                                       CUMULUS LICENSING CORP.

                                       By: ____________________________
                                                 Title:

                                       CARIBBEAN COMMUNICATIONS COMPANY
                                         LIMITED

                                       By: ____________________________
                                                 Title:

                                       GEM RADIO FIVE LTD.

                                       By: ____________________________
                                                 Title:
<PAGE>   7
                                       CUMULUS WIRELESS SERVICES INC.

                                       By: ____________________________
                                                 Title:

                                       BROADCAST SOFTWARE INTERNATIONAL
                                         INC.

                                       By: ____________________________
                                                 Title:
<PAGE>   8
                              LENDER CONSENT LETTER

                               CUMULUS MEDIA INC.
                      AMENDED AND RESTATED CREDIT AGREEMENT
                           DATED AS OF AUGUST 31, 1999

To:      Lehman Commercial Paper Inc.,
          as Administrative Agent
         3 World Financial Center
         New York, New York  10285

Ladies and Gentlemen:

               Reference is made to the Amended and Restated Credit Agreement,
dated as of August 31, 1999 (as amended, supplemented or otherwise modified, the
"Credit Agreement"), among Cumulus Media Inc., an Illinois corporation (the
"Borrower"), the Lenders parties thereto, Lehman Brothers Inc., as Arranger,
Barclays Capital, as Syndication Agent, and Lehman Commercial Paper Inc., as
Administrative Agent. Unless otherwise defined herein, capitalized terms used
herein and defined in the Credit Agreement are used herein as therein defined.

               The Borrower has requested that the Required Lenders amend
certain provisions of the Credit Agreement on the terms described in the
Amendment in the form attached hereto as Exhibit A (the "Amendment").

               Pursuant to Section 10.1(b) of the Credit Agreement, the
undersigned Lender hereby consents to the execution by the Administrative Agent
of the Amendment.

                                    Very truly yours,

                                    __________________________________________
                                    (NAME OF LENDER)

                                    By: _____________________________________
                                          Name:
                                          Title:

Dated as of May 11, 2001<PAGE>   1
                                                                    EXHIBIT 10.1

                           CITIZENS FIRST SAVINGS BANK

                           CHANGE IN CONTROL AGREEMENT

         This Agreement is made effective as of June 1, 2001, by and among
Citizens First Savings Bank (the "Bank"), a state chartered savings institution,
with its principal administrative offices at 525 Water Street, Port Huron,
Michigan 48060, Randy J. Cutler ("Executive"), and Citizens First Bancorp, Inc.
(the "Holding Company"), a corporation organized under the laws of the State of
Delaware, which is the stock holding company of the Bank.

         WHEREAS, the Bank recognizes the substantial contribution Executive has
made to the Bank and wishes to protect Executive's position with the Bank for
the period provided in this Agreement; and

         WHEREAS, Executive has agreed to serve in the employ of the Bank.

         NOW, THEREFORE, in consideration of the contribution and
responsibilities of Executive, and upon the other terms and conditions
hereinafter provided, the parties hereto agree as follows:

                                        1

<PAGE>   2

1.       TERM OF AGREEMENT.

         The period of this Agreement shall be deemed to have commenced as of
the date first above written and shall continue for a period of 36 full calendar
months thereafter. Commencing on the first anniversary date of this Agreement,
and continuing on each anniversary thereafter, the Board of Directors (the
"Board") may act to extend the term of this Agreement for an additional year,
such that the remaining term of this Agreement would be three years, unless
Executive elects not to extend the term of this Agreement by giving written
notice to the Bank, in which case the term of this Agreement will expire on the
third anniversary of this Agreement.

2.       CHANGE IN CONTROL.

         (a) Upon the occurrence of a Change in Control of the Bank or the
Holding Company (as herein defined) followed at any time during the term of this
Agreement by the termination of Executive's employment in accordance with the
terms of this agreement, other than Termination for Cause, as defined in Section
2(c) of this Agreement, the provisions of Section 3 of this Agreement shall
apply. Upon the occurrence of a Change in Control, Executive shall have the
right to elect to voluntarily

                                        2

<PAGE>   3

terminate his employment at any time during the term of this Agreement following
any demotion, loss of title, office or significant authority, material reduction
in his annual compensation or benefits, or relocation of his principal place of
employment by more than fifty (50) miles from its location immediately prior to
the Change in Control; provided, however, Executive may consent in writing to
any such demotion, loss, reduction or relocation. The effect of any written
consent of Executive under this Section 2(a) shall be strictly limited to the
terms specified in such written consent.

         (b) For purposes of this Agreement, a "Change in Control" shall mean an
event of a nature that: (i) would be required to be reported in response to Item
1 (a) of the current report on Form 8-K, as in effect on the date hereof,
pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the
"Exchange Act"); or (ii) results in a Change in Control of the Bank or the
Holding Company within the meaning of the Bank Change in Control Act and the
Rules and Regulations promulgated by the Federal Deposit Insurance Corporation
("FDIC") at 12 C.F.R. ss. 303.4(a) with respect to the Bank and the applicable
regulatory authority with respect to the Holding Company, as in effect on the
date hereof; or (iii) results in a transaction requiring prior FRB approval
under the Bank Holding Company Act of 1956 and the

                                        3

<PAGE>   4

regulations promulgated thereunder by the FRB at 12. C.F.R. ss. 225.11, as in
effect on the date hereof except for the Holding Company's acquisition of the
Bank; or (iv) without limitation such a Change in Control shall be deemed to
have occurred at such time as (A) any "person" (as the term is used in Sections
13(d) and 14(d) of the Exchange Act) is or becomes the "beneficial owner" (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Bank or the Holding Company representing 20% or more of the
Bank's or the Holding Company's outstanding securities except for any securities
of the Bank purchased by the Holding Company in connection with the conversion
of the Bank to the stock form and any securities purchased by any tax-qualified
employee benefit plan of the Bank; or (B) individuals who constitute the Board
of Directors on the date hereof (the "Incumbent Board") cease for any reason to
constitute at least a majority thereof, provided that any person becoming a
director subsequent to the date hereof whose election was approved by a vote of
at least three-quarters (3/4) of the directors comprising the Incumbent Board,
or whose nomination for election by the Holding Company's stockholders was
approved by the same Nominating Committee serving under an Incumbent Board,
shall be, for purposes of this clause (B), considered as though he were a member
of the Incumbent Board; or (C) a plan of reorganization, merger, consolidation,
sale of all or

                                        4

<PAGE>   5

substantially all the assets of the Bank or the Holding Company or similar
transaction occurs in which the Bank or Holding Company is not the resulting
entity; or (D) solicitations of shareholders of the Holding Company, by someone
other than the current management of the Holding Company, seeking stockholder
approval of a plan of reorganization, merger or consolidation of the Holding
Company or Bank or similar transaction with one or more corporations as a result
of which the outstanding shares of the class of securities then subject to the
plan or transaction are exchanged for or converted into cash or property or
securities not issued by the Bank or the Holding Company shall be distributed;
or (E) a tender offer is made for 20% or more of the voting securities of the
Bank or the Holding Company.

         (c) Executive shall not have the right to receive termination benefits
pursuant to Section 3 of this Agreement upon Termination for Cause. The term
"Termination for Cause" shall mean termination because of: 1) Executive's
personal dishonesty, willful misconduct, breach of fiduciary duty involving
personal profit, intentional failure to perform stated duties, willful violation
of any law, rule, regulation (other than traffic violations or similar
offenses), final cease and desist order or material breach of any provision of
this agreement which results in a material loss to the Bank or the Holding
Company, or 2)

                                        5

<PAGE>   6

Executive's conviction of a crime or act involving moral turpitude or a final
judgment rendered against Executive based upon actions of Executive which
involve moral turpitude. For the purposes of this Section, no act, or the
failure to act, on executives part shall be "willful" unless done, or omitted to
be done, not in good faith and without reasonable belief that the action or
omission was in the best interests of the Bank or its affiliates.
Notwithstanding the foregoing, Executive shall not be deemed to have been
Terminated for Cause unless and until there shall have been delivered to him a
Notice of Termination which shall include a copy of a resolution duly adopted by
the affirmative vote of not less than a majority of the members of the Board at
a meeting of the Board called and held for that purpose (after reasonable notice
to Executive and an opportunity for him, together with counsel, to be heard
before the Board), finding that in the good faith opinion of the Board,
Executive was guilty of conduct justifying Termination for Cause and specifying
the particulars thereof in detail. Executive shall not have the right to receive
compensation or other benefits for any period after Termination for Cause.
During the period beginning on the date of the Notice of Termination for Cause
pursuant to Section 4 of this Agreement through the Date of Termination, stock
options granted to Executive under any stock option plan shall not be
exercisable nor shall any unvested stock

                                        6

<PAGE>   7

awards granted to Executive under any stock-based incentive plan of the Bank,
the Holding Company or any subsidiary or affiliate thereof vest. At the Date of
Termination, such stock options and such unvested stock awards shall become null
and void and shall not be exercisable by or delivered to Executive at any time
subsequent to such Date of Termination for Cause.

3.       TERMINATION BENEFITS.

         (a) Upon the occurrence of a Change in Control, followed at any time
during the term of this Agreement by the involuntary termination of Executive's
employment (other than for Termination for Cause), or voluntary termination
during the term of this Agreement following any demotion, loss of title, office
or significant authority, material reduction in his annual compensation or
benefits, or relocation of his principal place of employment by more than fifty
(50) miles from its location immediately prior to the Change in Control (unless
Executive so consents), the Bank shall be obligated to pay Executive, or in the
event of his subsequent death, his beneficiary or beneficiaries, or his estate,
as the case may be, a sum equal to three (3) times Executive's average annual
compensation for the five most recent taxable years that Executive has been
employed

                                        7

<PAGE>   8

by the Bank or such lesser number of years in the event that Executive shall
have been employed by the Bank for less than five years. For this purpose, such
annual compensation shall include base salary and any other taxable income,
including but not limited to amounts related to the granting, vesting or
exercise of restricted stock or stock option awards, commissions, bonuses,
pension and profit sharing plan contributions or benefits (whether or not
taxable), severance payments, retirement benefits, and fringe benefits paid or
to be paid to Executive or paid for Executive's benefit during any such year. At
the election of Executive which election is to be made prior to a Change in
Control, such payment shall be made in a lump sum or on an annual basis in
approximately equal installments over a five (5) year period.

         (b) Upon the occurrence of a Change in Control of the Bank or Holding
Company followed at any time during the term of this Agreement by Executive's
voluntary or involuntary termination of employment in accordance with paragraph
(a) of this Section 3, other than for Termination for Cause, the Bank shall
cause to be continued life, medical and disability coverage substantially
identical to the coverage maintained by the Bank or the Holding Company for
Executive immediately prior to his severance, except to the extent such coverage
may be changed in its application to

                                        8

<PAGE>   9

all Bank or Holding Company employees on a nondiscriminatory basis. Such
coverage and payments shall cease upon the expiration of thirty-six (36) full
calendar months from the date of Termination. Provided, however, that if
Executive was not receiving any element of such coverage immediately prior to
his severance he may elect, at any time during such 36 month period, to receive
coverage during the remainder of such period.

         (c) Notwithstanding the provisions of this Section 3, in no event shall
the aggregate payments or benefits to be made or afforded to Executive under
said paragraphs (the "Termination Benefits") constitute an "excess parachute
payment" under Section 280G of the Internal Revenue Code of 1986, as amended, or
any successor thereto, and in order to avoid such a result, Termination Benefits
will be reduced, if necessary, to an amount (the "Non-Triggering Amount"), the
value of which is one dollar ($1.00) less than amount equal to three (3) times
Executive's "base amount," among the Termination benefits shall be determined by
Executive.

                                        9

<PAGE>   10

4.       NOTICE OF TERMINATION

         (a) Any purported termination by the Bank or by Executive in connection
with a Change in Control shall be communicated by a Notice of Termination to the
other party. For purposes of this Agreement, a "Notice of Termination" shall
mean a written notice which indicates the specific termination provision in this
Agreement relied upon and shall set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of Executive's
employment under the provision so indicated.

         (b) "Date of Termination" shall mean the date specified in the Notice
of Termination; provided, however, that if a dispute regarding the Executive's
termination exists, the "Date of Termination" shall be determined in accordance
with Section 4(c) of this Agreement.

         (c) If, within thirty (30) days after any Notice of Termination is
given, the party receiving such Notice of Termination notifies the other party
that a dispute exists concerning the termination, the Date of Termination shall
be the date on which the dispute is finally determined, either by mutual written
agreement of the parties, by a binding arbitration award,

                                       10

<PAGE>   11

or by a final judgment, or order or decree of a court of competent jurisdiction
(the time for appeal therefrom having expired and no appeal having been
perfected) and provided further that the date of Termination shall be extended
by a notice of dispute only if such notice is given in good faith and the party
giving such notice pursues the resolution of such dispute with reasonable
diligence. Notwithstanding the pendency of any such dispute in connection with a
Change in Control, in the event that the Executive is terminated for reasons
other than Termination for Cause, the Bank will continue to pay Executive the
payments and benefits due under this Agreement in effect when the notice giving
rise to the dispute was given (including, not limited to his annual salary)
until the earlier of: (1) the resolution of the dispute in accordance with this
Agreement; or (2) the expiration of the remaining term of this Agreement as
determined as of the Date of Termination.

5.  SOURCE OF PAYMENTS

    It is intended by the parties hereto that all payments provided in this
Agreement shall be paid in cash or check from the general funds of the Bank.
Further, the Holding Company guarantees such payments and provision of all
amounts and benefits due hereunder to Executive and, if such amounts and

                                       11

<PAGE>   12

benefits due from the Bank are not timely paid or provided by the Bank, such
amounts and benefits shall be paid or provided by the Holding Company.

6.       EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFIT PLANS.

         This Agreement contains the entire understanding between the parties
hereto and supersedes any prior agreement between the bank and Executive, except
that this Agreement shall not affect or operate to reduce any benefit or
compensation inuring to Executive of a kind elsewhere provided. No provision of
this Agreement shall be interpreted to mean that Executive is subject to
receiving fewer benefits than those available to him without reference to this
Agreement.

         Nothing in this Agreement shall confer upon Executive the right to
continue in the employ of the Bank or shall impose on the Bank any obligation to
employ or retain executive in its employ for any period.

                                       12

<PAGE>   13

7.       NO ATTACHMENT.

         (a) Except as required by law, no right to receive payments under this
Agreement shall be subject to anticipation, commutation, or alienation, sale,
assignment, encumbrance, charge, pledge, or hypothecation, or to execution,
attachment, levy, or similar process or assignment by operation of law, and any
attempt, voluntary or involuntary, to affect any such action shall be null,
void, and of no effect.

         (b) This Agreement shall be binding upon, and inure to the benefit of,
Executive, the Bank and their respective successors and assigns.

8.       MODIFICATION AND WAIVER.

         (a) This Agreement may not be modified or amended except by an
instrument in writing signed by the parties hereto.

         (b) No term or condition of this Agreement shall be deemed to have been
waived, nor shall there by any estoppel against the enforcement of any provision
of this Agreement, except by written instrument of the party charged with such
waiver or estopped. No such written waiver shall be deemed a continuing waiver
unless

                                       13

<PAGE>   14

specifically stated therein, and each such waiver shall operate only as to the
specific term or condition waived and shall not constitute a waiver of such term
or condition for the future or as to any act other than that specifically
waived.

9.       REQUIRED REGULATORY PROVISIONS.

         Any payments made to Executive pursuant to this Agreement, or
otherwise, are subject to and conditioned upon compliance with 12 U.S.C. Section
1828(k) and any rules and regulations promulgated thereunder, including 12
C.F.R. Part 359.

10.      SEVERABILITY.

         If, for any reason, any provision of this Agreement, or any part of any
provision, is held invalid, such invalidity shall not affect any other provision
of this Agreement or any part of such provision not held so invalid, and each
such other provision and part thereof shall, to the full extent consistent with
law, continue in full force and effect.

                                       14

<PAGE>   15

11.      HEADINGS FOR REFERENCE ONLY.

         The headings of sections and paragraphs herein are included solely for
convenience of reference and shall not control the meaning or interpretation of
any of the provisions of this Agreement.

12.      GOVERNING LAW.

         The validity, interpretation, performance, and enforcement of this
Agreement shall be governed by the laws of the State of Michigan.

13.      ARBITRATION.

         Any dispute or controversy arising under or in connection with this
Agreement shall be settled exclusively by arbitration, conducted before a panel
of three arbitrators sitting in a location selected by Executive within fifty
(50) miles from the location of the Bank's main office, in accordance with the
rules of the American Arbitration Association then in effect. Judgment may be
entered on the arbitrator's award in any court having jurisdiction; provided,
however, that Executive shall be entitled

                                       15

<PAGE>   16

to seek specific performance of his right to be paid until the Date of
Termination during the pendency of any dispute or controversy rising under or in
connection with this Agreement.

14.      PAYMENT OF COSTS AND LEGAL FEES.

         All reasonable costs and legal fees paid or incurred by Executive
pursuant to any dispute or question of interpretation relating to this Agreement
shall be paid or reimbursed by the Bank of Executive is successful with respect
to such dispute or question of interpretation pursuant to a legal judgment,
arbitration or settlement.

15.      INDEMNIFICATION.

         The Bank shall provide Executive (including his heirs, executors and
administrators) with coverage under a standard directors' liability insurance
policy at its expense and shall indemnify executive (and his heirs, executors
and administrators) to the fullest extent permitted under Michigan law against
all expenses and liabilities reasonably incurred by him in connection with or
arising out of any action, suit or proceeding in which he may be involved by
reason of having been a director or officer of

                                       16

<PAGE>   17

the Bank (whether or not he continues to be a director or officer at the time of
incurring such expenses or liabilities); such expenses and liabilities to
include, but not to be limited to, judgments, court costs and attorneys' fees
and the cost of reasonable settlements.

16.      SUCCESSOR TO THE BANK.

         The Bank shall require any successor or assignee, whether direct or
indirect, by purchase, merger, consolidation or otherwise, to all or
substantially all the business or assets of the Bank, to expressly and
unconditionally assume and agree to perform the Bank's obligations under this
Agreement in the same manner and to the same extent that the Bank would be
required to perform such obligations if no such successor assignment had taken
place.

                                       17

<PAGE>   18

                                    SIGNATURE

         IN WITNESS WHEREOF, Citizens First Savings Bank and Citizens First
Bancorp, Inc. have caused this Agreement to be executed by their duly authorized
officers, and Executive has signed this Agreement, as of the 1st day of June,
2001.

                                                 CITIZENS FIRST SAVINGS BANK

                                                 By: /s/ Marshall J. Campbell
                                                 -------------------------------

                                                 CITIZENS FIRST BANCORP, INC.

                                                 By: /s/ Marshall J. Campbell
                                                 -------------------------------

                                                 EXECUTIVE

                                                 By: /s/ Randy J. Cutler
                                                 -------------------------------
                                                 Randy J. Cutler, Executive

                                       18

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