Document:

Exhibit102

Exhibit 10.2

AMENDMENT NO. 4 TO EMPLOYMENT AGREEMENT
BETWEEN WESTWOOD ONE, INC. AND DAVID HILLMAN

The following, upon execution by the parties hereto shall constitute an amendment (the “Amendment”) to the Employment Agreement entered into by and between Westwood One, Inc. (the “Company”) and David Hillman (“Employee” or “you”), with an effective date of October 16, 2004, as amended (the “Agreement”). Capitalized terms used but not defined in this document shall have the meaning set forth in the Agreement.

1.     Section 2 of the Agreement shall be amended by extending the Term through December 31, 2011.

2.    Section 7 (Termination of Employment) of the Agreement shall be amended by deleting Section 7(d) and replacing it with the following as Sections 7(d) and 7(e):

“(d)    Termination without Cause.  The Company may terminate Employee's employment under this Agreement without cause (as defined in Section 7(a)) effective at any time upon prior written notice to Employee.  In the event that (i) the Company terminates Employee's employment under this Agreement during the Employment Period other than pursuant to Section 7(a) or Section 7(b) hereunder or (ii) Employee elects to resign his employment for Good Reason as expressly described in Section 7(e) below, subject in all cases to Employee's executing and not revoking a separation agreement within sixty (60) days following the date of Employee's receipt of such separation agreement, in the form provided to Employee by the Company (which shall be delivered to Employee within fifteen (15) days following the date of termination and shall include a waiver and general release of claims by Employee), the Company shall pay Employee severance pay equal to the greater of (x) remaining Base Salary due to Employee through the end of the Term, and (y) twelve (12) months of Base Salary, to be to be paid in equal installments on a bi-weekly basis in accordance with the Company's then effective payroll practices, commencing on the first payroll date coinciding with or next following the end of the applicable revocation period for the separation agreement (such period during which severance pay is paid to be known as the “Severance Period”).  In addition, in the event of Employee's termination of employment with the Company pursuant to Section 7(d) or 7(e), the Restricted Period defined in Section 8(c) hereof shall be modified to extend for a period through the end of the Severance Period. 

(e)    Employee shall have the right to resign Employee's employment under this Agreement for Good Reason at any time.  As used in this Agreement, “Good Reason” shall mean (1) a material diminution in Employee's authority, duties and responsibilities; or (2) any requirement imposed by the Company that Employee relocate his principal office or perform his duties hereunder in a location greater than fifty miles from the metropolitan New York area.  Notwithstanding anything to the contrary contained herein, notice of a condition purported to constitute “Good Reason” must be provided to the Company by Employee within thirty (30) days following the first occurrence of such purported condition and must state a proposed date of termination by Employee that is at least thirty (30) days after the date of such notice, during which time the Company shall be given the opportunity to cure any basis for such “Good Reason.”  Employee's failure to provide a timely notice of “Good Reason” shall foreclose Employee from asserting “Good Reason” with respect to such condition at any later date.  If no cure is timely effected, then Employee shall provide, within fifteen (15) days following the expiration of the 30-day cure period, written notice to the Company informing the Company whether Employee elects to terminate Employee's employment for Good Reason or continue Employee's employment without regard to the occurrence of such Good Reason.  If Employee 

elects to continue Employee's employment without regard to such occurrence of Good Reason, Employee shall be deemed to have waived such occurrence of Good Reason.”

3.    Section 8(c) of the Agreement shall be amended deleting the phrase “one (1) year” throughout the Section and replacing it with “180 days”.

4.    Except as amended hereby, all provisions of the Agreement, including all amendments and letters with respect thereto, shall remain unmodified and in full force and effect and are hereby ratified and confirmed.

5.    The effective date of this Amendment shall be July 14, 2011.

6.    This Amendment shall have no binding effect until execution hereof by a corporate officer of the Company and Employee.

IN WITNESS WHEREOF, this Amendment is EXECUTED as of the 12th day of August 2011.

WESTWOOD ONE, INC.

By: /s/ Rod Sherwood
Name: Rod Sherwood
Title: President

EMPLOYEE

_/s/ David Hillman_________________
David HillmanExhibit103

Exhibit 10.3

AMENDMENT TO EMPLOYMENT AGREEMENT
BETWEEN WESTWOOD ONE, INC. AND STEVE CHESSARE

The following, upon execution by the parties hereto shall constitute an amendment (the “Amendment”) to the Employment Agreement entered into by and between Westwood One, Inc. (the “Company”) and Steve Chessare (“Employee” or “you”), with an effective date of June 30, 2008 (the “Agreement”). Capitalized terms used but not defined in this document shall have the meaning set forth in the Agreement.

1.    Section 6 (Termination of Employment) of the Agreement shall be amended by deleting Section 6(d) and replacing it with the following:

(d)    “(d)    Termination without Cause.  The Company may terminate Employee's employment under this Agreement effective at any time upon prior written notice to Employee.  In the event that the Company terminates Employee's employment under this Agreement during the Employment Period other than pursuant to Section 6(a) or Section 6(b) hereunder, subject in all cases to Employee's executing and not revoking a separation agreement within sixty (60) days following the date of Employee's receipt of such separation agreement, in the form provided to Employee by the Company (which shall be delivered to Employee within fifteen (15) days following the date of termination and shall include a waiver and general release of claims by Employee), the Company shall pay Employee severance pay equal to the greater of (x) remaining Base Salary due to Employee through the end of the Term, and (y) six (6) months of Base Salary, to be to be paid in equal installments on a bi-weekly basis in accordance with the Company's then effective payroll practices, commencing on the first payroll date coinciding with or next following the end of the applicable revocation period for the separation agreement; 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).”

4.    2.    Except as amended hereby, all provisions of the Agreement, including all amendments and letters with respect thereto, shall remain unmodified and in full force and effect and are hereby ratified and confirmed.

3.    The effective date of this Amendment shall be July 28, 2011.

IN WITNESS WHEREOF, this Amendment is EXECUTED as of the 15th day of August 2011.

WESTWOOD ONE, INC.

By: _/S/ David Hillman_________
Name: David Hillman
Title: Chief Administrative Officer and General Counsel

EMPLOYEE

_/s/Steve Chessare______________
Steve Chessareexhibit1012.htm - Generated by SEC Publisher for SEC Filing

 

 

 

 

 

INDEPENDENT CONSULTING AGREEMENT

 

This Independent Consulting Agreement (“Agreement”),
effective as of April 1, 2011, (“Effective Date”) is entered into by and
between Ecologic Transportation, Inc. (herein referred to as the “Company”) and
Oracle Capital Partners,  LLC (herein referred to as the “Consultant”).

 

RECITALS

 

WHEREAS, Company
desires to engage the services of Consultant to represent the Company in
investors' communications and public relations with existing shareholders,
brokers, dealers and other investment professionals as to the Company's current
and proposed activities, and to consult with management concerning such Company
activities;

 

NOW THEREFORE, in
consideration of the promises and the mutual covenants and agreements
hereinafter set forth, the parties hereto covenant and agree as follows:

 

1.         Term
of Consultancy.  Company hereby agrees to retain the Consultant to act in a
consulting capacity to the Company, and the Consultant hereby agrees to provide
services to the Company, once section 4 of this Agreement has been satisfied, thru
and including September 30, 2011. 

 

2.         Duties
of Consultant.  The Consultant agrees that it will generally provide the
following specified consulting services through the diligent commercial efforts
of its officers and employees during the term specified in Section 1, above.

 

(a) Consult with and assist the Company in developing and
implementing appropriate plans and means for presenting the Company and its
business plans, strategy and personnel to the financial community, establishing
an image for the Company in the financial community, and creating the
foundation for subsequent financial public relations efforts;

             

(b) Introduce the Company to the financial community,
including, but not limited to, retail brokers, buy side and sell side
institutional managers, portfolio managers, analysts, and financial public
relations professionals;

 

(c) With the cooperation of the Company, maintain an
awareness during the term of this Agreement of the Company's plans, strategy
and personnel, as they may evolve during such period, and consult and assist
the Company in communicating appropriate information regarding such plans,
strategy and personnel to the financial community;

 

 

 

 

(d) Assist and consult the Company with respect to its (i)
relations with shareholders, (ii) relations with brokers, dealers, analysts and
other investment professionals, and (iii) financial public relations generally;

 

(e) Perform the functions generally assigned to shareholder
relations and public relations departments in major corporations, including
responding to telephone and written inquiries (which may be referred to the
Consultant by the Company); preparing press releases for the Company with the Company's
involvement and approval of press releases, including the approval of Company
counsel, reports and other communications with or to shareholders, the
investment community and the general public; consulting with respect to the
timing, form, distribution and other matters related to such releases, reports
and communications; and, at the Company’s request and subject to the Company’s
securing its own rights to the use of its names, marks, and logos, consulting
with respect to corporate symbols, logos, names, the presentation of such
symbols, logos and names, and other matters relating to corporate image;

 

(f) Upon and with the Company's direction and written
approval, disseminate information regarding the Company to shareholders,
brokers, dealers, other investment community professionals and the general
investing public;

 

(g) Upon and with the Company's direction, conduct
meetings, in person or by telephone, with brokers, dealers, analysts and other
investment professionals to communicate with them regarding the Company's
plans, goals and activities, and assist the Company in preparing for press
conferences and other forums involving the media, investment professionals and
the general investment public;

 

(h) At the Company's request, review business plans,
strategies, mission statements budgets, proposed transactions and other plans
for the purpose of advising the Company of the public relations implications
thereof; 

 

(i) Otherwise perform as the Company's consultant for
public relations and relations with financial professionals.

 

3.      Allocation of Time and Energies.  The
Consultant hereby promises to perform and discharge faithfully the
responsibilities which may be assigned to the Consultant from time to time by
the officers and duly authorized representatives of the Company in connection
with the conduct of its financial and public relations and communications
activities, so long as such activities are in compliance with applicable
securities laws and regulations. Consultant and staff shall diligently and
thoroughly provide the consulting services required hereunder. Although no
specific hours-per-day requirement will be required, Consultant and the Company
agree that Consultant will perform the duties set forth herein above in a
diligent and professional manner. It is explicitly understood that neither the
price of the Company’s common stock, nor the trading volume of the Company’s
common stock hereunder measure Consultant’s performance
of its duties.  It is also understood that the Company is entering into this
Agreement with Consultant, a limited liability company, and not any individual
member or employee thereof, and, as such, Consultant will not be deemed to have
breached this Agreement if any member, officer or director of the Consultant
leaves the firm or dies or becomes physically unable to perform any meaningful
activities during the term of the Agreement, provided the Consultant otherwise
performs its obligations under this Agreement.

 

 

 

 

4.     Remuneration.  For Services Rendered commencing
with date of this agreement thru and including September 30, 2011, the Company
agree to reward award Six Hundred and Twenty Thousand (620,000) restricted
shares of the Company’s Common Stock at par value.  Such award is to be issued
within 10 days of the effective date as outlined in Exhibit A.  

 

5.   Non-Assignability of Services.  Consultant’s
services under this contract may be assigned by Company to any entity with
which Company merges or which acquires the Company or substantially all of its
assets wherein the Company becomes a minority constituent of the combined
Company.  In the event of such merger or acquisition, all compensation to
Consultant herein under the schedules set forth herein shall remain due and
payable, and any compensation received by the Consultant may be retained in the
entirety by Consultant, all without any reduction or pro-rating and shall be
considered and remain fully paid and non-assessable.  Notwithstanding the
non-assignability of Consultant’s services, Company shall assure that in the
event of any merger, acquisition, or similar change of form of entity, that its
successor entity shall agree to complete all obligations to Consultant,
including the provision and transfer of all compensation herein, and the
preservation of the value thereof consistent with the rights granted to
Consultant by Company herein.  Consultant shall not assign its rights or
delegate its duties hereunder without the prior written consent of Company.

 

6.   Expenses.  Consultant agrees to pay for all its
own expenses (phone, travel, mailing, faxing, labor, etc.), but not including
extraordinary items (luncheons or dinners to large groups of investment
professionals, investor conference calls, print advertisements in publications,
etc.) which extraordinary items shall be approved in advance by the Company in
writing prior to Company incurring an obligation for reimbursement. The Company
agrees and understands that Consultant will not be responsible for preparing or
mailing due diligence and/or investor packages concerning the Company, and that
the Company will have some means to prepare and mail out investor packages at
the Company’s expense. 

 

7.   Indemnification.  The Company warrants and
represents that all oral communications, written documents or materials furnished
to Consultant or the public by the Company with respect to financial affairs,
operations, profitability and strategic planning of the Company are accurate in
all material respects and Consultant may rely upon the accuracy thereof without
independent investigation. The Company will protect, indemnify and hold
harmless Consultant against any claims or litigation including
any damages, liability, cost and reasonable attorney's fees as incurred with
respect thereto resulting from Consultant's communication or dissemination of
any said information, documents or materials excluding any such claims or
litigation resulting from Consultant's communication or dissemination of
information not provided or authorized by the Company.  Consultant warrants and
represents that all oral communications, written documents, or materials
furnished to third parties by Consultant, originating with Consultant and to
the extent not mirroring material furnished by Company, shall be accurate in
all material respects.  Consultant will protect, indemnify and hold harmless
Company against any claims or litigation including any damages, liability, cost
and reasonable attorneys fees as incurred with respect thereto resulting from
any claims or litigation resulting from Consultant’s communication or
dissemination of information not provided or authorized by the Company, or from
Consultant’s negligence or misconduct.

 

 

 

 

 

8.   Representations.  Consultant represents that it
is not required to maintain any licenses and registrations under federal or any
state regulations necessary to perform the services set forth herein.
Consultant acknowledges that, to the best of its knowledge, the performance of
the services set forth under this Agreement will not violate any rule or
provision of any regulatory agency having jurisdiction over Consultant. Consultant
further acknowledges that it is not a securities Broker Dealer or a registered
investment advisor. Company acknowledges that, to the best of its
knowledge, that it has not violated any rule or provision of any regulatory
agency having jurisdiction over the Company. Company acknowledges that, to the
best of its knowledge, Company is not the subject of any investigation, claim,
decree or judgment involving any violation of the SEC or securities laws.

 

9.   Legal Representation.  Each of Company and
Consultant represents that they have consulted with independent legal counsel
and/or tax, financial and business advisors, to the extent that they deemed
necessary.

 

10. Status as Independent Contractor.  Consultant's
engagement pursuant to this Agreement shall be as independent contractor, and
not as an employee, officer or other agent of the Company. Neither party to
this Agreement shall represent or hold itself out to be the employer or
employee of the other.  Consultant further acknowledges the consideration
provided hereinabove is a gross amount of consideration and that the Company
will not withhold from such consideration any amounts as to income taxes,
social security payments or any other payroll taxes. All such income taxes and
other such payment shall be made or provided for by Consultant and the Company
shall have no responsibility or duties regarding such matters. Neither the
Company nor the Consultant possesses the authority to bind each other in any
agreements without the express written consent of the entity to be bound.

 

11. Attorney's Fee.  If any legal action or any
arbitration or other proceeding is brought for the enforcement or
interpretation of this Agreement, or because of an alleged dispute, breach,
default or misrepresentation in connection with or related to this Agreement, the successful or prevailing party shall
be entitled to recover reasonable attorneys' fees and other costs in connection
with that action or proceeding, in addition to any other relief to which it or
they may be entitled.

 

 

 

 

12. Waiver.  The waiver by either party of a breach
of any provision of this Agreement by the other party shall not operate or be
construed as a waiver of any subsequent breach by such other party.

 

13. Notices.  All notices, requests, and other
communications hereunder shall be deemed to be duly given if sent by U.S. mail,
postage prepaid, addressed to the other party at the address as set forth
herein below:

 

 

 

To the Company

Ecologic Transportation, Inc.

1327 Ocean Ave Suite B

Santa Monica, CA

90401

 

                                     

Consultant: 

Oracle Capital Partners, LLC

601 NE 36th St.

Suite 2612

Miami, FL 

33137  

 

                                     

 

14.      Choice of Law. This Agreement shall be
governed by, construed and enforced in accordance with the laws of the
jurisdiction in which an arbitration or action is commenced.  

 

15.      Arbitration.  Any controversy or claim
arising out of or relating to this Agreement, or the alleged breach thereof, or
relating to  activities or remuneration under this Agreement, shall be settled
by binding arbitration in Illinois, if commenced by Company, and in Colorado,
if commenced by Consultant, in accordance with the applicable rules of the
American Arbitration Association, Commercial Dispute Resolution Procedures, and
judgment on the award rendered by the arbitrator(s) shall be binding on the
parties and may be entered in any court having jurisdiction.  

 

16. Complete Agreement.  This Agreement contains the
entire agreement of the parties relating to the subject matter hereof. This
Agreement and its terms may not be changed orally but only by an agreement in
writing signed by the party against whom enforcement of
any waiver, change, modification, extension or discharge is sought.

 

 

 

 

17. Termination. This Agreement may be terminated by
the Company at any time without prejudice to any other rights or remedies
either party may have. The Agreement may be terminated by the Consultant on
thirty (30) days written notice only in the event of a material adverse change,
or development that may lead to a material adverse change in the business,
properties, operations or financial condition or prospects of the Company that
adversely effect the ability of the Consultant to perform the services
hereunder. 

 

18. Counterparts Facsimile Execution. For purposes
of this Agreement, a document (or signature page thereto) signed and
transmitted by facsimile machine or telecopy is to be treated as an original
document. The signature of any party thereon, for purposes hereof, is to be
considered as an original signature, and the document transmitted is to be
considered to have the same binding effect as an original signature on an
original document. At the request of either party, a facsimile or telecopy
document is to be re-executed in original form by the parties who executed the
facsimile or telecopy document. No party may may rise the use of a facsimile or
telecopy machine as a defense to the enforcement of the Agreement or at any
amendment or other document executed in compliance with this section.     

 

 

IN WITNESS WHEREOF, the parties
have executed this Agreement as of the day and year first above written.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AGREED TO:

 

Company:

 

By:      /s/ William N
Plamondon III                          

Name:  William
N Plamondon III

Title:    Chief
Executive Officer

 

Consultant:

 

By:      /s/ Michael Borkowski                                                                        

Name: Michael Borkowski

Title: President

 

 

 

 

 

 

 

Exhibit A

 

The Issuance of One
Certificate in the amount of 620,000 restricted common shares in the name of
Oracle Capital Partners, LLC.

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