Document:

exv10w1

Exhibit 10.1

EXECUTIVE EMPLOYMENT AGREEMENT

     THIS EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”), is entered into and shall be effective
as of December 31, 2009 (the “Effective Date”) by and between REGENT COMMUNICATIONS, INC., a
Delaware corporation (the “Company”), and WILLIAM L. STAKELIN (“Employee”).

RECITALS

     WHEREAS, the Company is engaged in the business, either directly or through affiliates, of
owning and operating radio broadcasting stations (the “Business”), with principal offices in
Covington, Kentucky. For purposes of this Agreement, the term “Company” shall include the Company,
its subsidiaries, affiliates, and assignees and any successors in interest of the Company and its
subsidiaries and/or affiliates.

     WHEREAS, Employee has been actively engaged in the radio broadcasting business since 1958 and
has extensive knowledge and a unique understanding of the operation of the Business.

     WHEREAS, the Company and the Employee previously entered into an employment agreement, dated
as of December 28, 2007, as amended (the “Prior Agreement”)

     WHEREAS, the Company desires to employ Employee, and Employee desires to be employed by the
Company, as President and Chief Executive Officer of the Company.

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

	1.	 	Employment.

	 	1.1	 	Engagement of Employee. The Company agrees to employ Employee and Employee
agrees to accept employment as the President and Chief Executive Officer of the
Company, all in accordance with the terms and conditions of this Agreement. As of the
Effective Date, any prior agreements or understandings with respect to Employee’s
employment with the Company are canceled, other than any incentive awards granted to
Employee prior to the date hereof, benefit plans in which Employee is eligible for
participation and any Company policies to which Employee is subject. For the avoidance
of doubt, the parties acknowledge that the Prior Agreement remained in effect in
accordance with its terms until the Effective Date and has terminated in accordance
with its terms and is of no further force or effect.
	 
	 	1.2	 	Duties and Powers.

	 	(a)	 	During the period of Employee’s employment hereunder, Employee
will serve as the Company’s President and Chief Executive Officer, and will
have such responsibilities, duties and authority as customarily held by

 

 

	 	 	 	executives in such a position in comparable companies, and will render services
of an executive and administrative character, and act in such other executive
capacity for the Company, as the Company’s board of directors (the “Board”)
shall from time to time direct. Employee shall devote his reasonable best
efforts, energies and abilities to the business and affairs of the Company.
Employee shall perform the duties and carry out the responsibilities assigned
to him, to the best of his ability, in a diligent, trustworthy and businesslike
manner for the purpose of advancing the business of the Company and in a manner
he reasonably believes to be in and not opposed to the best interests of the
Company.

	 	(b)	 	Employee acknowledges that his duties and responsibilities will
require his concentrated business efforts and agrees that during the period of
Employee’s employment hereunder he will not engage directly or indirectly in
any other business activity or have any business pursuits or interests which
materially interfere or conflict with the performance of Employee’s duties
hereunder or which compete directly with the Company; provided, however,
nothing in this Section 1.2 shall be deemed to prohibit Employee from investing
in the stock of any competing corporation listed on a national securities
exchange or traded in the over-the-counter market, but only if his associates
(as such term is defined in Regulation 14A promulgated under the Securities
Exchange Act of 1934, as in effect on the date hereof), collectively, do not
own more than an aggregate of three percent (3%) of the stock of such
corporation. In addition, Employee may serve on boards of directors during the
period of Employee’s employment hereunder and volunteer his service to
charitable, business and other public service agencies, clubs or organizations
so long as such board or other service does not materially interfere or
conflict with the performance of Employee’s duties hereunder and so long as
such activities are not rendered for a competitor of the Company. Any and all
fees or remuneration paid to Employee in consideration of work and services
performed outside the scope of Employee’s employment hereunder shall inure to
the benefit of Employee.
	 
	 	(c)	 	The parties hereto agree that none of Employee’s duties
hereunder shall require him to, and Employee agrees that he will not without
the consent of the Board, which consent shall not be unreasonably withheld,
change his personal residence from the Greater Cincinnati, Ohio SMSA Area.

	 	1.3	 	Term. Employee’s employment under this Agreement shall commence on the
Effective Date and shall continue through and until the third anniversary of the
Effective Date (the “Initial Term”). Employee’s employment under this Agreement shall
automatically be extended for successive one-year periods (“Extension Periods” and,
collectively with the Initial Term, the “Term”) unless either party gives notice of non-extension (a “Notice of Non-Extension”) to the
other no later than six months prior to the expiration of the then-applicable
Extension Period. Notwithstanding anything to the contrary contained herein, the

2

 

	 	 	 	Employee’s employment with the Company is subject to termination pursuant to Section
1.4 and Section 1.5 below.

	 	1.4	 	Termination by the Company. The Company has the right to terminate Employee’s
employment under this Agreement, by notice to Employee in writing at any time (i) for
“Cause,” (ii) without Cause for any or no reason, and (iii) due to the Disability of
Employee. Any such termination shall be effective upon the date of service of such
notice pursuant to Section 14. This Agreement shall terminate automatically upon
Employee’s death.
	 
	 	 	 	“Cause” as used herein means the occurrence of any of the following events:

	 	(a)	 	the determination by the Board in the exercise of its
reasonable judgment that Employee has committed an act or acts constituting
theft, dishonesty or fraud with respect to the Company;
	 
	 	(b)	 	conviction of Employee for the commission of a felony;
	 
	 	(c)	 	the determination by the Board in the exercise of its
reasonable judgment that Employee has committed an act that provides clear and
convincing evidence of alcohol or drug abuse by Employee that adversely affects
his performance hereunder;
	 
	 	(d)	 	a material breach by Employee of any of the terms and
conditions of Sections 3 or 4 of this Agreement; or
	 
	 	(e)	 	Employee’s gross negligence, habitual neglect, or intentional
misconduct in the performance of his duties hereunder resulting in material
harm to the Company, which gross negligence, habitual neglect or intentional
misconduct continues for not less than 15 days following Employee’s receipt of
written notice from the Board of such failure.

     Employee shall be deemed to have a “Disability” for purposes of this Agreement if Employee
shall be unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment that can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months. In the event of Employee’s
Disability, the Company shall have the right to terminate Employee’s employment hereunder upon at
least thirty (30) days prior written notice to Employee. Such determination shall be made by the
Board and shall not be arbitrary or unreasonable, and the Board shall take into consideration the
opinion of Employee’s personal physician, if reasonably available, as well as applicable provisions
of the Americans with Disabilities Act, but such determination by the Board, if not arbitrary or
unreasonable, shall be final and binding on the parties hereto.

	 	1.5	 	Termination by Employee. Employee has the right to terminate his employment
under this Agreement for any or no reason, upon ninety (90) days prior written
notice to the Company. In addition, the Employee shall have the right to terminate
his employment under this Agreement for Good Reason. The Employee shall have “Good
Reason” to terminate his employment within 90 days 

3

 

	 	 	 	following (i) a material
diminution in the nature or scope of the Employee’s duties or responsibilities,
provided, however, that a material diminution in the nature or scope of the
Employee’s duties or responsibilities shall not be deemed to result solely from the
occurrence of a bankruptcy or other reorganization proceeding with respect to the
Company or a successor (or the occurrence of any circumstance(s) ancillary thereto)
or the Company’s (or a successor’s) equity securities no longer being registered
under the Securities Exchange Act of 1934; (ii) a reduction in the Employee’s Base
Salary from the Base Salary then in effect or a reduction in the target amount of
the Senior Management Plan Bonus that Employee is eligible to earn as provided in
Section 2.2; (iii) a relocation without the Employee’s consent, of the Employee’s
principal place of employment to any location outside a fifty (50) mile radius of
the location from which the Employee served the Company immediately before the
relocation; (iv) a material breach of this Agreement by the Company; or (v) the
Company’s failure to seek to cause Employee to be elected to the Board in accordance
with Section 1.6. The Employee may not terminate his employment for Good Reason
unless the Employee provided the Company with at least 30 days prior written notice
of his intent to terminate his employment for Good Reason (which 30 days shall not
count against the 90 day period above) and the Company has not cured the breach
within such 30 day period.

	 	1.6	 	Board of Directors and Resignation. Throughout the Term, the Company agrees to
seek to cause Employee to be elected to the Board. Unless by virtue of his beneficial
ownership of voting stock of the Company he has voting control over a number of shares
sufficient to assure his election to the Board, upon the termination of Employee’s
employment with the Company for any reason, Employee shall be deemed to have
automatically resigned from any position he may then hold on the Board. Such
resignation shall be deemed effective immediately without the requirement that a
written resignation be delivered.

	 	1.7	 	Indemnity. The Company shall indemnify Employee and hold him harmless to the
fullest extent permissible under applicable law for all acts or decisions made by him
in good faith while performing services for the Company. The Company shall also use
its best efforts to obtain coverage for him under any insurance policy obtained during
the term of this Agreement covering the other officers and directors of the Company
against lawsuits.

	2.	 	Compensation and Benefits.

	 	2.1	 	Base Compensation. During the Term, the Company will pay Employee an annual
base salary (“Base Salary”). The Employee’s Base Salary shall be $366,057.00 for
calendar year 2010 and for each year thereafter during the Term shall be increased (but
not decreased) based on the percentage increase in the Consumer Price Index for such
years. The Employee’s Base Salary, per annum, shall be payable in accordance with the Company’s regular payroll policy for senior
executive salaried employees. At least once every twelve (12) months, the Board
and/or the Board’s Compensation Committee shall perform an annual

4

 

	 	 	 	review of
Employee’s Base Salary based on Employee’s performance of his duties and the
Company’s other compensation policies and make such additional increase thereto, if
any, as it deems appropriate. Upon termination of the Employee’s employment, the
Base Salary for any partial year will be prorated based on the number of days
elapsed in such year during which employment had continued.

	 	2.2	 	Senior Management Plan Bonus. Employee’s target bonus for 2010 shall be eighty
percent (80%) of Base Salary (i.e., $292,846) dependent upon the Company
achieving financial targets for 2010 as set forth in Exhibit A hereto, and if achieved,
shall be payable no later than the earlier of the date upon which the Company pays
bonuses to employees or March 15, 2011. In addition, the Employee shall be eligible to
participate in the 2010 Special Bonus Plan, as approved by the Compensation Committee
on December 16, 2009, subject to the terms and conditions of such plan. Within sixty
(60) days following the end of fiscal year 2011 and each year thereafter during the
Term, the Board and/or the Board’s Compensation Committee, as part of its annual review
of Employee’s performance, shall consider in its sole discretion the merits of a bonus
to Employee pursuant to and in accordance with the Regent Communications, Inc. Senior
Management Bonus Plan, and in the event a bonus is warranted, shall cause the Company
to award to Employee a bonus (the “Senior Management Plan Bonus”) for such year. The
target amount of the Senior Management Plan Bonus is eighty percent (80%) of the
Employee’s current Base Salary, subject to adjustments by the Board and/or the Board’s
Compensation Committee in its reasonable judgment. Such payment shall be paid in its
entirety no later than the 15th day of the third month following the end of the fiscal
year that the bonus was earned.

	 	2.3	 	Stock Options and Other Equity-Based Incentives. It is agreed that, in
addition to and not in lieu of Senior Management Plan Bonuses, the Employee shall be
eligible to participate in any stock-option or other equity-based incentive
compensation plan or program sponsored by the Company or a successor and shall be
eligible to receive an award or awards, if any, under such plans or programs as
determined in the sole discretion of the Board of the Board’s Compensation Committee
(or any successor board of directors or committee) (any such awards, the “Equity
Awards”)

	 	2.4	 	Benefits. In addition to the Base Salary, any Senior Management Plan Bonus and
any Equity Awards payable or granted to Employee hereunder, Employee will be entitled
to the following benefits during the period of Employee’s employment with the Company:

	 	(a)	 	payments of premiums for hospitalization, disability, life and
health insurance, to the extent offered by the Company, and in amounts
consistent with Company policy, for all key management employees, as
reasonably determined by the Board;

5

 

	 	(b)	 	up to four (4) weeks paid vacation each year with salary,
provided that unused vacation time shall not be carried over to subsequent
years;
	 
	 	(c)	 	reimbursement for reasonable, ordinary and necessary
out-of-pocket business expenses incurred by Employee in the performance of his
duties, subject to the Company’s policies in effect from time to time with
respect to travel, entertainment and other expenses, including without
limitation, requirements with respect to reporting and documentation of such
expenses;
	 
	 	(d)	 	use of an automobile at the Company’s expense which shall
include expenses for parking in the area of the Company’s offices and for
comprehensive insurance coverage for the automobile; and
	 
	 	(e)	 	other benefit arrangements and perquisites, including a 401(k)
or similar tax deferral plan, to the extent made generally available by the
Company to its executives and key management employees.

	 	2.5	 	Taxes, etc. All compensation payable to Employee hereunder is stated in gross
amount and shall be subject to all applicable withholding taxes, other normal payroll
and any other amounts required by law to be withheld.

	 	2.6	 	Compensation After Termination.

	 	(a)	 	If the Employee’s employment under this Agreement is terminated
by the Company due to the Employee’s Disability, and the Employee incurs a
Separation from Service, then the Company shall pay to the Employee (in
addition to the payment of the Base Salary through the date of termination as
well as a prorated Senior Management Plan Bonus) an amount in cash equal to the
Employee’s Base Salary, as in effect on the date of termination, through the
one year anniversary of the date of termination, in equal installments in
accordance with the Company’s ordinary payroll pay practices, provided,
however, that the Company may cease making such payments if Employee becomes
eligible to receive and begins receiving long-term disability payments from the
applicable insurer in an amount equal to Employee’s after-tax Base Salary per
month at the level received immediately before incurrence of the Disability,
and provided, further, that if allowed by the terms of the applicable long-term
disability policy, the amount payable by the Company shall be reduced by the
amount payable under the applicable long-term disability policy such that the
aggregate amount received by Employee shall equal the Employee’s after-tax Base
Salary per month at the level received immediately before incurrence of the
Disability (based upon the amounts of federal, state and local income and
employment taxes withheld by the Company from Employee’s Base
Salary as immediately before such incurrence). Nothing in this Section
2.6(a) is to be construed as a reason to delay the commencement or reduce
the amount of long-term disability benefits payable from the Company’s

6

 

	 	 	 	insurance carrier. Except as otherwise provided in this Agreement, the
Company shall have no other obligations hereunder or otherwise with respect
to Employee’s employment from and after the termination or expiration date,
and the Company shall continue to have all other rights available hereunder
(including, without limitation, all rights under Sections 3, 4, and 6 at law
or in equity).

	 	(b)	 	If Employee’s employment under this Agreement is terminated by
the Company without Cause or the Executive terminates his employment for Good
Reason, in each case prior to any Change of Control (as defined in Section
2.6(c) below) and not in anticipation of a Change of Control, during the Term,
and the Employee incurs a Separation from Service, Employee shall be entitled
to receive as severance pay (in addition to the payment of the Base Salary
through the date of termination) an amount equal to one year of his current
Base Salary, payable over the one year period following his Separation from
Service in equal installments in accordance with the Company’s ordinary payroll
pay practices. In addition, all unvested Equity Awards and any other equity
awards held by Employee shall accelerate and vest in full as of the date of
termination. Employee shall have no obligation to mitigate these
post-employment payments by seeking other employment. Except as otherwise
provided in this Agreement, the Company shall have no other obligations
hereunder or otherwise with respect to Employee’s employment from and after the
termination or expiration date, and the Company shall continue to have all
other rights available hereunder (including, without limitation, all rights
under Sections 3, 4, and 6 at law or in equity).

	 	(c)	 	If the Employee’s employment is terminated by the Company
without Cause for any reason or no reason other than Employee’s death or
Disability, or the Employee terminates his employment for Good Reason, in each
case within 24 months following a Change of Control that occurred during the
Term, or in anticipation of a Change of Control, and the Employee incurs a
Separation from Service, Employee shall be entitled to receive (i) all
compensation accrued and unpaid prior to the date of termination, (ii) an
amount equal to two (2) times his annual Base Salary (based upon the greater of
(A) Employee’s Base Salary as of the date of the Change of Control, or (B)
Employee’s highest Base Salary at any time following the commencement of the
Term), payable in equal installments over the 18-month period following
Employee’s Separation from Service, in accordance with the Company’s regular
payroll pay practices (iii) an amount equal to two (2) times the average of the
Senior Management Bonuses calculated for 2009 and each successive full calendar
year prior to the date of termination, payable in a lump sum on the First
Payment Date (as defined in Section 2.6(f) below) and (iv) the
vesting of all stock options, shares of restricted stock and other equity
awards held by Employee shall accelerate and vest in full. The payments
described in this Section 2.6(c) are intended to be in lieu of and not to

7

 

	 	 	 	duplicate any payments described in Sections 2.6(a), 2.6(b) or 2.6(d).
Therefore in the event the Employee is entitled to receive any payments
under this Section 2.6(c), he shall not be entitled to any payments under
Sections 2.6(a), 2.6(b) or 2.6(d). Employee shall not be required to
mitigate the amount of any payment required by this Section 2.6(c) by
seeking other employment or otherwise and no such payment shall be offset or
reduced by the amount of any compensation or benefits provided to Employee
in any subsequent employment. In the event that the payment amounts due to
Employee pursuant to this Section 2.6(c) and other provisions of this
Agreement, plus any other compensation or benefits provided to Employee
under any other agreement, plan or arrangement with the Company, following a
Change of Control would result in an “excess parachute payment” within the
meaning of Section 280G of the Code, then the amount due to Employee shall
be capped at the maximum amount payable to Employee before such “excess
parachute payment” provisions would otherwise apply by reducing first, the
amount of Base Salary otherwise payable in cash compensation under Section
2.6(c)(ii), and second, the amount of Senior Management Bonus otherwise
payable in cash compensation under Section 2.6(c)(iii). For purposes of
determining the limitations under Section 280G of the Code, it is recognized
that the non-competition and non-solicitation provisions of Section 3 of
this Agreement constitutes a refraining from the performance of services
such that the reasonable value for such provisions is excluded from the
determination of the amount of “parachute payments” as defined by Section
280G of the Code. The parties agree and acknowledge that the foregoing
provisions are intended to prevent the imposition on the Employee of any tax
for excess parachute payments under Section 4999 of the Code. However, if
any tax for excess parachute payments is imposed on the Employee under
Section 4999 of the Code, the Company will be responsible for payment of the
tax, penalty, interest and any related audit costs incurred by Employee,
including any payments necessary to place the Employee in the same taxable
position he would have been had no excess parachute payments existed, and
the Employee will be required to return to the Company any excess amounts
received over the limitations of Section 280G of the Code.

	 	 	 	All calculations, valuations and amounts payable under this Section 2.6(c),
and the limitations imposed by Section 280G of the Code, shall be calculated
at Company expense by an independent accounting firm that is mutually agreed
upon by the Company and the Employee.
	 
	 	 	 	For purposes of this Agreement, the term “Change of Control” shall mean the
purchase or other acquisition by any person, entity or group of persons,
within the meaning of section 13(d) or 14(d) of the Securities Exchange
Act of 1934 (“Act”), or any comparable successor provisions, of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Act) of
fifty percent (50%) or more of either the outstanding shares of common

8

 

	 	 	 	stock
or the combined voting power of Regent Communications, Inc.’s then
outstanding voting securities entitled to vote generally, or the approval by
the stockholders of Regent Communications, Inc. of a reorganization, merger,
or consolidation, in each case, with respect to which persons who were
stockholders of Regent Communications, Inc. immediately prior to such
reorganization, merger or consolidation do not, immediately thereafter, own
more than fifty percent (50%) of the combined voting power entitled to vote
generally in the election of directors of the reorganized, merged or
consolidated Regent Communications, Inc.’s then outstanding securities, or a
liquidation or dissolution of Regent Communications, Inc. or of the sale of
all or substantially all of Regent Communications, Inc’s assets, it being
understood and agreed that a “sale of all or substantially all” of the
Company’s assets shall be deemed to have occurred if at any time after the
date hereof, the value of the Company’s assets is less than fifty percent
(50%) of the value of the Company’s assets as of the later of (A) the
beginning of the Term or (B) 24 months prior to the date of termination of
Employee’s employment with the Company, due to one or more transactions in
which assets of the Company are sold, transferred or otherwise disposed of
to one or more persons. It shall not be considered a “Change of Control” if
the sale or transfer of assets is to: (i) a shareholder of the Company
(immediately before the asset transfer) in exchange for or with respect to
its stock; (ii) an entity, fifty percent (50%) or more of the total value or
voting power of which is owned, directly or indirectly, by the Company;
(iii) a person, or a group of people, that owns, directly or indirectly,
fifty percent (50%) or more of the total value or voting power of all the
outstanding stock of the Company; or (iv) an entity, at least fifty percent
(50%) of the total value or voting power of which is owned, directly or
indirectly, by a person described in (iii) above. In addition, the term
“Change of Control” shall include changes in the Regent Communications, Inc.
Board of Directors during any twelve (12) month period, such that
individuals who, as of the beginning of such period, constitute the Board
(the “Incumbent Directors”) cease for any reason to constitute at least a
majority of the Board, provided that any person becoming a director
subsequent to the beginning of such period whose election or nomination for
election was approved by a vote of at least a majority of the Incumbent
Directors then on the Board (either by a specific vote or by approval of the
proxy statement of the Company in which such person is named as a nominee
for director, without written objection to such nomination) shall be deemed
to be an Incumbent Director.

	 	 	 	The phrase “in anticipation of a Change of Control” shall mean a knowing act
by the Board of Directors to terminate Employee’s employment hereunder
without Cause or to cause a circumstance constituting Good
Reason to occur when the Board of Directors has approved or is considering
approval of a transaction or series of transactions that the Board of
Directors believes will result in a Change of Control during the 

9

 

	 	 	 	Term or the
signing of a definitive agreement during the Term for a transaction or
series of transactions that would constitute a Change of Control.

	 	(d)	 	If the Employee’s employment is terminated pursuant to Section
2.6(a) or 2.6(b) above, Employee shall be entitled to receive, at such time as
it would otherwise be payable, any Senior Management Plan Bonus which would
have been payable, based upon the Company’s performance over the full fiscal
year, prorated for that portion of the fiscal year during which the Employee
was employed by the Company.
	 
	 	(e)	 	If the Employee’s employment is terminated pursuant to Section
2.6(a), 2.6(b) or 2.6(c) above, then, the Company shall at its expense allow
the Employee to continue to participate in the group life insurance plans
maintained generally for the Company’s executives and key management employees
(as such plans may be amended or terminated by the Company from time to time)
and provided the Employee and/or his spouse and dependents, as applicable,
timely elect to continue participation in the Company’s group health and dental
benefit plans under COBRA, the Company shall provide reimbursement for, or
direct payment to the carrier for, the premium costs under COBRA for the
Executive and his spouse and dependents, as applicable, in all cases for (A) if
the Employee’s employment is terminated pursuant to Section 2.6(a) or 2.6(b),
twelve (12) months following the Employee’s date of termination and (B) if the
Employee’s employment is terminated pursuant to Section 2.6(c), eighteen (18)
months following the Employee’s date of termination. The Company’s obligations
hereunder with respect to continued life, health or dental benefits,
respectively, shall cease upon the Employee becoming eligible to participate in
a group life, health or dental benefit plan of a subsequent employer. This
Section 2.6(e) shall not be interpreted so as to limit any benefits to which
Employee or his dependents or beneficiaries may be entitled under the terms of
any of the Company’s employee benefit plans, programs or practices following
Employee’s termination of employment, including without limitation, any retiree
medical and life insurance benefits.
	 
	 	(f)	 	The Employee’s right to receive the severance payments
described in Sections 2.6(a), 2.6(b), 2.6(c), 2.6(d) and 2.6(e) shall be
subject to Employee’s execution, within 21 days after Employee’s Separation
from Service, and non-revocation of an effective general release of claims
against the Company and its affiliates in the form attached hereto as Exhibit
B. Notwithstanding anything to the contrary in this Agreement, any payments
that would otherwise have been made prior to the Company’s first regular
payroll payment date on or after the 30th day
following the Employee’s Separation from Service (the “First Payment Date”)
shall be made on the First Payment Date. Except as expressly provided in
this Section 2.6, in the event the Employee’s employment

10

 

	 	 	 	terminates for any
reason, the Company shall have no obligation to the Employee and the
Employee shall not be entitled to any payments or benefits of any kind,
other than payment of Employee’s Base Salary through the date of termination
or as otherwise required by law.

	 	(g)	 	If the Employee is eligible to receive any severance payments
or benefits under any generally applicable severance plan or policy of the
Company or any of its affiliates, any payments or benefits under such plan or
policy shall be reduced (but not below zero) by any payments provided or to be
provided under Sections 2.6(a), 2.6(b), 2.6(c) and 2.6(d) of this Agreement.

	 	2.7	 	Profit Sharing, Pension and Salary Deferral Benefits. It is understood by the
parties to this Agreement that, during the period of Employee’s employment, Employee
shall be entitled to participate in or accrue benefits under any pension, salary
deferral or profit sharing plan now existing or hereafter created for employees of the
Company upon terms and conditions no less favorable than those to which the Company may
provide for other senior executive employees.

	3.	 	Covenant Not to Compete.

	 	3.1	 	Non-Competition. Employee agrees that during the Term and for the 18-month
period immediately following the termination of his employment with the Company, he
shall not, within a twenty-five (25) mile radius of any radio station transmission
tower or studio then owned or operated, directly or indirectly, by the Company (the
“Territory”), engage in any of the following activities:

	 	(a)	 	Directly or indirectly enter into the employ or render any
service to or act in concert with any person, partnership, corporation or other
entity engaged in the ownership or operation of radio stations (the “Radio
Business”) with a radio station transmission tower or studio located within the
Territory; or
	 
	 	(b)	 	Directly or indirectly engage in the Radio Business with a
radio station transmission tower or studio located within the Territory on his
own account; or
	 
	 	(c)	 	Become interested in any such Radio Business with a radio
station transmission tower or studio located within the Territory directly or
indirectly as an individual, partner, shareholder, director, officer,
principal, agent, employee, consultant, creditor or in any other relationship
or capacity; provided, that the purchase of a publicly traded security of a
corporation engaged in the Radio Business shall not in itself be deemed
violative of this Agreement so long as Employee does not own, directly or
indirectly, more than 3% of the securities of such corporation.

	 	3.2	 	Non-Solicitation. Employee agrees that during the Term and for the 18-month
period immediately following the termination of his employment with the

11

 

	 	 	 	Company, he
shall not (other than in the regular course of the Company’s business) within the
Territory solicit, directly or indirectly, business of the type then being performed by
the Company from any person, partnership, corporation or other entity which is a
customer of the Company at the time Employee’s employment with the Company terminates,
or was such a customer within the one-year period immediately prior thereto, or to the
knowledge of Employee at the date of termination of employment, is a person,
partnership, corporation or other entity with which the Company plans to do a
substantial amount of business within the one-year period after such termination of
employment.

	4.	 	Non-Inducement and Non-Disclosure.

	 	4.1	 	Non-Inducement. Employee agrees that during the Term and for an 18-month
period immediately following the termination of his employment with the Company, he
shall not directly or indirectly, individually or on behalf of persons not parties to
this Agreement, aid or endeavor to solicit or induce any of the Company’s employees to
leave their employment with the Company in order to accept employment with Employee or
another person, partnership, corporation or other entity.

	 	4.2	 	Non-Disclosure. At no time during his employment hereunder or afterwards shall
Employee divulge, furnish or make accessible to anyone (other than in the regular
course of the Company’s business) any knowledge or information with respect to
confidential information or data of the Company, or with respect to any confidential
information or data of any of the customers of the Company, or with respect to any
other confidential aspect of the business or products or services of the Company or its
customers. Upon termination of his employment with the Company, Employee shall return
to the Company all records, documents and material containing confidential information
of the Company prepared by Employee or coming into his possession by virtue of his
employment with the Company, including all copies thereof.

	5.	 	Effect of Termination Without Cause or for Good Reason on no Change of Control.
Notwithstanding the provisions of Sections 3 and 4 above, the restrictions imposed upon
Employee in Sections 3.1, 3.2, and 4.1 of this Agreement during the period following the
termination of his employment hereunder shall apply in the event Employee’s employment
hereunder is terminated by the Company without Cause pursuant to Section 1.4(ii) or by the
Employee for Good Reason only for a period of one year provided Employee has received and has
elected to accept the severance pay under Section 2.6(b).

	6.	 	Remedies. Employee acknowledges and agrees that the covenants set forth in Sections 3 and 4
of this Agreement (collectively, the “Restrictive Covenants”) are reasonable and
necessary for the protection of the Company’s business interests and compliance therewith
will not deprive Employee of the ability to earn a suitable living, that irreparable injury
will result to the Company if Employee breaches any of the terms of the Restrictive
Covenants, and that in the event of Employee’s actual or threatened breach of any such
Restrictive Covenants, the Company will have no adequate remedy at 

12

 

	 	 	law. Employee
accordingly agrees that in the event of any actual or threatened breach by him of any of the
Restrictive Covenants, the Company shall be entitled to immediate temporary injunctive and
other equitable relief, without the necessity of showing actual monetary damages, subject to
hearing as soon thereafter as possible. In such event, the periods of time referred to in
Sections 3 and 4 shall be deemed extended for a period equal to the respective period during
which Employee is in breach thereof, in order to provide for injunctive relief and specific
performance for a period equal to the full term thereof. Nothing contained herein shall be
construed as prohibiting the Company from pursuing any other remedies available to it for
such breach or threatened breach, including the recovery of any damages which it is able to
prove. The covenants contained in Section 3 and 4 shall be construed as separate covenants,
and if any court shall finally determine that the restraints provided for in any such
covenants are too broad as to the geographic area, activity or time covered, said area,
activity or time covered may be reduced to whatever extent the court deems reasonable and
such covenants shall be enforced as to such reduced area, activity or time. Employee shall
indemnify and hold Company harmless from any liability, loss, damage, judgment, cost or
expense(including reasonable attorneys’ fees and expenses) arising out of any claim or suit
resulting from Employee’s breach of these covenants or his failure to perform a duty
hereunder.

	7.	 	No Other Non-Compete Agreements. Notwithstanding anything to the contrary contained herein,
Employee hereby represents, warrants and covenants to Company that Employee (i) is not a party
to nor bound by any non-competition, non-solicitation, confidentiality or other agreement of
any kind which would conflict with or prevent his employment hereunder or the full performance
of all of his duties hereunder, and (ii) has not, and will not, wrongfully use any
confidential information or know-how taken from another employer. Employee hereby agrees to
indemnify and hold the Company harmless from any claim, loss, damage and expense hereafter
incurred by the Company as a result of any breach of the foregoing representations, warranties
or covenants made by Employee in this Section.

	8.	 	Life Insurance. The Company may at its discretion and at any time apply for and procure as
owner and for its own benefit and at its own expense, insurance on the life of Employee in
such amounts and in such form or forms as the Company may choose. Employee shall cooperate
with the Company in procuring such insurance and shall, at the request of the Company, submit
to such medical examinations, supply such information and execute such documents as may be
required by the insurance company or companies to whom the Company has applied for such
insurance. Employee shall have no interest whatsoever in any such policy or policies, except
that, upon the termination of Employee’s employment hereunder, Employee shall have the
privilege of purchasing any such insurance from the Company for an amount equal to the actual
premiums thereon previously paid by the Company.

13

 

	9.	 	Income Tax Treatment. Employee and the Company acknowledge that it is the intention of the
Company to deduct all amounts paid under this Agreement as ordinary and necessary business
expenses for income tax purposes. Employee agrees and represents that he will treat all
amounts paid hereunder as ordinary income for income tax purposes, and should he report such
amounts as other than ordinary income for income tax purposes, he will indemnify and hold the
Company harmless from and against any and all taxes, penalties, interest, costs and expenses,
including reasonable attorneys’ and accounting fees and costs, which are incurred by the
Company directly or indirectly as a result thereof.

	10.	 	Assignment. No party hereto may assign or delegate any of its rights or obligations
hereunder without the prior written consent of the other party hereto, provided, however, the
Company shall have the right to assign all or any part of its rights and obligations under
this Agreement to (i) any affiliate of the Company to which the Business is assigned at any
time or (ii) any successor to the Company or any purchaser of all or substantially all of the
assets of the Company. Except as otherwise expressly provided herein, all covenants and
agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind
and inure to the benefit of the respective successors and permitted assigns of the parties
hereto whether so expressed or not.

	11.	 	Severability. Whenever possible, each provision of this Agreement shall be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this
Agreement is held to be prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without invalidating the
remainder of this Agreement.

	12.	 	Counterparts. This Agreement may be executed in multiple counterparts, each of which shall
be deemed an original, but all of which taken together shall constitute one and the same
Agreement.

	13.	 	Descriptive Headings; Interpretation. The descriptive headings in this Agreement are
inserted for convenience of reference only and are not intended to be part of or to affect the
meaning or interpretation of this Agreement. The use of the word “including” in this
Agreement shall be by way of example rather than by limitation.

	14.	 	Notices. All notices, demands or other communications to be given or delivered under or by
reason of the provisions of this Agreement shall be in writing and shall be deemed to have
been duly given if (i) delivered personally to the recipient, (ii) sent to the recipient by
reputable express courier service (charges prepaid) or mailed to the recipient by certified or
registered mail, return receipt requested and postage prepaid, or (iii) transmitted by
telecopy to the recipient with a confirmation copy to follow the next day to be delivered by
overnight carrier. Such notices, demands and other communications shall be sent to the
addresses indicated below:

14

 

	 	(a)	 	If to Employee:
	 
	 	 	 	William L. Stakelin 

100 East RiverCenter Blvd.

9th Floor

Covington, KY 41011

Facsimile No. 859/292-0352
	 
	 	(b)	 	If to the Company:
	 
	 	 	 	Regent Communications, Inc.

100 East RiverCenter Blvd.

9th Floor

Covington, KY 41011

Facsimile No. 859/292-0352

	 	 	 	or to such other address or to the attention of such other person as the
recipient party has specified by prior written notice to the sending party.
Date of service of such notice shall be (w) the date such notice is
personally delivered, (x) three days after the date of mailing if sent by
certified or registered mail, (y) one day after the date of delivery to the
overnight courier if sent by overnight courier or (z) the next business day
after the date of transmittal by telecopy.

	15.	 	Preamble; Preliminary Recitals. The Preliminary Recitals set forth in the Preamble hereto
are hereby incorporated and made part of this Agreement.

	16.	 	Waiver. No modification, termination or attempted waiver of this Agreement shall be valid
unless in writing and signed by the party against whom the same is sought to be entered.
Either party’s failure to enforce any provision or provisions of this Agreement shall not in
any way be construed as a waiver of any such provision or provisions as to any future
violations thereof, nor prevent that party thereafter from enforcing each and every other
provision of this Agreement. The rights granted the parties herein are cumulative and the
waiver by a party of any single remedy shall not constitute a waiver of such party’s right to
assert all other legal remedies available to him or it under the circumstances.

	17.	 	Additional Obligations. Both during and after the Term, Employee shall, upon reasonable
notice, furnish the Company with such information as may be in Employee’s possession, and
cooperate with the Company, as may reasonably be requested by the Company (and, after the
termination of Employee’s employment, with due consideration for Employee’s obligations with
respect to any new employment or business activity) in connection with any litigation in which
the Company or any affiliate is or may become a party. The Company shall reimburse Employee
for all reasonable expenses incurred by Employee in fulfilling Employee’s obligations under
this Section 17.

	18.	 	Governing Law. This Agreement shall be construed and enforced in accordance with, and all
questions concerning the construction, validity, interpretation and performance of this
Agreement shall be governed by, the laws of the Commonwealth of Kentucky without giving effect
to provisions thereof regarding conflict of laws.

15

 

	19.	 	Effect of Termination. Notwithstanding any termination of Employee’s employment with the
Company or the expiration of this Agreement, unless superseded by a new employment agreement
between Company and Employee, the terms and conditions of this Agreement shall continue in
full force and effect except that the Company shall have no right to require, nor shall
Employee have any obligation to continue, the Employee’s ongoing employment with the Company.

	20.	 	Attorneys Fees. The Company shall pay or reimburse the Employee for all reasonable and
documented legal fees incurred by him in connection with the negotiation of this Agreement, up
to a maximum of $5,000. Such payment or reimbursement shall be made in calendar year 2010.

	21.	 	Section 409A.

	 	21.1	 	Notwithstanding anything to the contrary in this Agreement, if at the time of
Employee’s Separation from Service with the Company, Employee is a Specified Employee
and the deferral of the commencement of any payments or benefits otherwise payable
hereunder as a result of such Separation from Service is necessary in order to prevent
any accelerated or additional tax under Section 409A of the Code, then the Company will
defer the commencement of the payment of any such payments or benefits hereunder
(without any reduction in the payments or benefits ultimately paid or provided to
Employee) until the date that is at least six (6) months following Employee’s
Separation from Service with the Company (or the earliest date permitted under Section
409A of the Code), whereupon the Company will pay Employee a lump-sum amount equal to
the cumulative amounts that would have otherwise been previously paid to Employee under
this Agreement during the period in which such payments or benefits were deferred.
Thereafter, payments will resume in accordance with this Agreement. For purposes of
the foregoing, “Specified Employee” shall have the meaning set forth in Section
409A(a)(2)(B)(i) of the Code and the Department of Treasury regulations and other
interpretive guidance issued thereunder, including without limitation any such
regulations or other guidance that may be issued after the Effective Date.

	 	21.2	 	In the event that following the date hereof the Company or the Employee
reasonably determines that any payments or benefits payable under this Agreement may be
subject to adverse tax consequences under Section 409A of the Code, the Company and the
Employee shall work together to adopt such amendments to this Agreement or adopt other
policies or procedures (including amendments, policies and procedures with retroactive
effect), or take any other commercially reasonable actions necessary or appropriate to
(i) exempt the payments and benefits payable under this Agreement from Section 409A of
the Code and/or preserve the intended tax treatment of the payments and benefits
provided with respect to this Agreement or (ii) comply with the requirements of Section
409A of the Code.

16

 

	 	21.3	 	Notwithstanding anything to the contrary in this Agreement, in-kind benefits
and reimbursements provided under this Agreement during any tax year of the Employee
shall not affect in-kind benefits or reimbursements to be provided in any other tax
year of the Employee, except for the reimbursement of medical expenses referred to in
Section 105(b) of the Code, and are not subject to liquidation or exchange for another
benefit. Notwithstanding anything to the contrary in this Agreement, reimbursement
requests must be timely submitted by Employee and, if timely submitted, reimbursement
payments shall be made to the Employee as soon as administratively practicable
following such submission, but in no event later than December 31st of the
calendar year following the calendar year in which the expense was incurred. In no
event shall the Employee be entitled to any reimbursement payments after December
31st of the calendar year following the calendar year in which the expense
was incurred. This paragraph shall only apply to in-kind benefits and reimbursements
that would result in taxable compensation income to the Employee.

	 	21.4	 	As used in this Agreement, a “Separation from Service” shall mean the
Employee’s “separation from service” within the meaning of Section 409A of the Code and
any applicable Department of Treasury Regulations and other interpretive guidance
issued thereunder, including without limitation any such regulations or other guidance
that may be issued after the Effective Date.

[Signature Page Follows]

17

 

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

	 	 	 	 	 
	 	COMPANY:

REGENT COMMUNICATIONS, INC.

 	 
	 	By:  	/s/ John H. Wyant
 	 
	 	 	John H. Wyant, Chairman of the Compensation Committee of the Board of Directors 	 
	 

	 	 	 	 	 
	 	EMPLOYEE:

 	 
	 	By:  	/s/ William L. Stakelin
 	 
	 	 	William L. Stakelin 	 
	 	 	 	 
	 

18exv10w2

Exhibit 10.2

EXECUTIVE EMPLOYMENT AGREEMENT

     THIS EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”), is entered into and shall be effective
as of December 31, 2009 (the “Effective Date”) by and between REGENT COMMUNICATIONS, INC., a
Delaware corporation (the “Company”), and ANTHONY A. VASCONCELLOS (“Employee”).

RECITALS

     WHEREAS, the Company is engaged in the business, either directly or through affiliates, of
owning and operating radio broadcasting stations (the “Business”), with principal offices in
Covington, Kentucky. For purposes of this Agreement, the term “Company” shall include the Company,
its subsidiaries, affiliates, and assignees and any successors in interest of the Company and its
subsidiaries and/or affiliates.

     WHEREAS, Employee has been actively engaged in the radio broadcasting business and has
extensive knowledge and a unique understanding of the operation of the Business.

     WHEREAS, the Company and the Employee previously entered into an employment agreement, dated
as of December 28, 2007, as amended (the “Prior Agreement”)

     WHEREAS, the Company desires to employ Employee, and Employee desires to be employed by the
Company, as Executive Vice President and Chief Financial Officer of the Company.

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

	1.	 	Employment.

	 	1.1	 	Engagement of Employee. The Company agrees to employ Employee and Employee
agrees to accept employment as the Executive Vice President and Chief Financial Officer
of the Company, all in accordance with the terms and conditions of this Agreement. As
of the Effective Date, any prior agreements or understandings with respect to
Employee’s employment with the Company are canceled, other than any incentive awards
granted to Employee prior to the date hereof, benefit plans in which Employee is
eligible for participation and any Company policies to which Employee is subject. For
the avoidance of doubt, the parties acknowledge that the Prior Agreement remained in
effect in accordance with its terms until the Effective Date and has terminated in
accordance with its terms and is of no further force or effect.
	 
	 	1.2	 	Duties and Powers.

	 	(a)	 	During the period of Employee’s employment hereunder, Employee
will serve as the Company’s Executive Vice President and Chief Financial
Officer, and will have such responsibilities, duties and authority as

 

 

	 	 	 	customarily held by executives in such a position in comparable companies,
and will render services of an executive and administrative character, and
act in such other executive capacity for the Company, as the Company’s board
of directors (the “Board”) shall from time to time direct. Employee shall
devote his reasonable best efforts, energies and abilities to the business
and affairs of the Company. Employee shall perform the duties and carry out
the responsibilities assigned to him, to the best of his ability, in a
diligent, trustworthy and businesslike manner for the purpose of advancing
the business of the Company and in a manner he reasonably believes to be in
and not opposed to the best interests of the Company.
	 
	 	(b)	 	Employee acknowledges that his duties and responsibilities will
require his concentrated business efforts and agrees that during the period of
Employee’s employment hereunder he will not engage directly or indirectly in
any other business activity or have any business pursuits or interests which
materially interfere or conflict with the performance of Employee’s duties
hereunder or which compete directly with the Company; provided, however,
nothing in this Section 1.2 shall be deemed to prohibit Employee from investing
in the stock of any competing corporation listed on a national securities
exchange or traded in the over-the-counter market, but only if his associates
(as such term is defined in Regulation 14A promulgated under the Securities
Exchange Act of 1934, as in effect on the date hereof), collectively, do not
own more than an aggregate of three percent (3%) of the stock of such
corporation. In addition, Employee may serve on boards of directors during the
period of Employee’s employment hereunder and volunteer his service to
charitable, business and other public service agencies, clubs or organizations
so long as such board or other service does not materially interfere or
conflict with the performance of Employee’s duties hereunder and so long as
such activities are not rendered for a competitor of the Company. Any and all
fees or remuneration paid to Employee in consideration of work and services
performed outside the scope of Employee’s employment hereunder shall inure to
the benefit of Employee.
	 
	 	(c)	 	The parties hereto agree that none of Employee’s duties
hereunder shall require him to, and Employee agrees that he will not without
the consent of the Board, which consent shall not be unreasonably withheld,
change his personal residence from the Greater Cincinnati, Ohio SMSA Area.

	 	1.3	 	Term. Employee’s employment under this Agreement shall commence on the
Effective Date and shall continue through and until the third anniversary of the
Effective Date (the “Initial Term”). Employee’s employment under this Agreement shall
automatically be extended for successive one-year periods (“Extension Periods” and,
collectively with the Initial Term, the “Term”) unless either party gives notice of
non-extension (a “Notice of Non-Extension”) to the other no later than six months prior
to the expiration of the then-applicable Extension Period. Notwithstanding anything to
the contrary contained herein, the

2

 

	 	 	 	Employee’s employment with the Company is subject to termination pursuant to Section
1.4 and Section 1.5 below.
	 
	 	1.4	 	Termination by the Company. The Company has the right to terminate Employee’s
employment under this Agreement, by notice to Employee in writing at any time (i) for
“Cause,” (ii) without Cause for any or no reason, and (iii) due to the Disability of
Employee. Any such termination shall be effective upon the date of service of such
notice pursuant to Section 14. This Agreement shall terminate automatically upon
Employee’s death.
	 
	 	 	 	“Cause” as used herein means the occurrence of any of the following events:

	 	(a)	 	the determination by the Board in the exercise of its
reasonable judgment that Employee has committed an act or acts constituting
theft, dishonesty or fraud with respect to the Company;
	 
	 	(b)	 	conviction of Employee for the commission of a felony;
	 
	 	(c)	 	the determination by the Board in the exercise of its
reasonable judgment that Employee has committed an act that provides clear and
convincing evidence of alcohol or drug abuse by Employee that adversely affects
his performance hereunder;
	 
	 	(d)	 	a material breach by Employee of any of the terms and
conditions of Sections 3 or 4 of this Agreement; or
	 
	 	(e)	 	Employee’s gross negligence, habitual neglect, or intentional
misconduct in the performance of his duties hereunder resulting in material
harm to the Company, which gross negligence, habitual neglect or intentional
misconduct continues for not less than 15 days following Employee’s receipt of
written notice from the Board of such failure.

     Employee shall be deemed to have a “Disability” for purposes of this Agreement if Employee
shall be unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment that can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months. In the event of Employee’s
Disability, the Company shall have the right to terminate Employee’s employment hereunder upon at
least thirty (30) days prior written notice to Employee. Such determination shall be made by the
Board and shall not be arbitrary or unreasonable, and the Board shall take into consideration the
opinion of Employee’s personal physician, if reasonably available, as well as applicable provisions
of the Americans with Disabilities Act, but such determination by the Board, if not arbitrary or
unreasonable, shall be final and binding on the parties hereto.

	 	1.5	 	Termination by Employee. Employee has the right to terminate his employment
under this Agreement for any or no reason, upon ninety (90) days prior written notice
to the Company. In addition, the Employee shall have the right to terminate his
employment under this Agreement for Good Reason. The Employee shall have “Good Reason”
to terminate his employment within 90 days

3

 

	 	 	 	following (i) a material diminution in the nature or scope of the Employee’s duties
or responsibilities, provided, however, that a material diminution in the nature or
scope of the Employee’s duties or responsibilities shall not be deemed to result
solely from the occurrence of a bankruptcy or other reorganization proceeding with
respect to the Company or a successor (or the occurrence of any circumstance(s)
ancillary thereto) or the Company’s (or a successor’s) equity securities no longer
being registered under the Securities Exchange Act of 1934; (ii) a reduction in the
Employee’s Base Salary from the Base Salary then in effect or a reduction in the
target amount of the Senior Management Plan Bonus that Employee is eligible to earn
as provided in Section 2.2; (iii) a relocation without the Employee’s consent, of
the Employee’s principal place of employment to any location outside a fifty (50)
mile radius of the location from which the Employee served the Company immediately
before the relocation; or (iv) a material breach of this Agreement by the Company.
The Employee may not terminate his employment for Good Reason unless the Employee
provided the Company with at least 30 days prior written notice of his intent to
terminate his employment for Good Reason (which 30 days shall not count against the
90 day period above) and the Company has not cured the breach within such 30 day
period.
	 
	 	1.6	 	Indemnity. The Company shall indemnify Employee and hold him harmless to the
fullest extent permissible under applicable law for all acts or decisions made by him
in good faith while performing services for the Company. The Company shall also use
its best efforts to obtain coverage for him under any insurance policy obtained during
the term of this Agreement covering the other officers and directors of the Company
against lawsuits.

	2.	 	Compensation and Benefits.

	 	2.1	 	Base Compensation. During the Term, the Company will pay Employee an annual
base salary (“Base Salary”). The Employee’s Base Salary shall be $277,172.00 for
calendar year 2010 and for each year thereafter during the Term shall be increased (but
not decreased) based on the percentage increase in the Consumer Price Index for such
years. The Employee’s Base Salary, per annum, shall be payable in accordance with the
Company’s regular payroll policy for senior executive salaried employees. At least
once every twelve (12) months, the Board and/or the Board’s Compensation Committee
shall perform an annual review of Employee’s Base Salary based on Employee’s
performance of his duties and the Company’s other compensation policies and make such
additional increase thereto, if any, as it deems appropriate. Upon termination of the
Employee’s employment, the Base Salary for any partial year will be prorated based on
the number of days elapsed in such year during which employment had continued.
	 
	 	2.2	 	Senior Management Plan Bonus. Employee’s target bonus for 2010 shall be eighty
percent (80%) of Base Salary (i.e., $221,738) dependent upon the Company
achieving financial targets for 2010 as set forth in Exhibit A hereto, and if achieved,
shall be payable no later than the earlier of the date upon which the

4

 

	 	 	 	Company pays bonuses to employees or March 15, 2011. In addition, the Employee
shall be eligible to participate in the 2010 Special Bonus Plan, as approved by the
Compensation Committee on December 16, 2009, subject to the terms and conditions of
such plan. Within sixty (60) days following the end of fiscal year 2011 and each
year thereafter during the Term, the Board and/or the Board’s Compensation
Committee, as part of its annual review of Employee’s performance, shall consider in
its sole discretion the merits of a bonus to Employee pursuant to and in accordance
with the Regent Communications, Inc. Senior Management Bonus Plan, and in the event
a bonus is warranted, shall cause the Company to award to Employee a bonus (the
“Senior Management Plan Bonus”) for such year. The target amount of the Senior
Management Plan Bonus is eighty percent (80%) of the Employee’s current Base Salary,
subject to adjustments by the Board and/or the Board’s Compensation Committee in its
reasonable judgment. Such payment shall be paid in its entirety no later than the
15th day of the third month following the end of the fiscal year that the bonus was
earned.
	 
	 	2.3	 	Stock Options and Other Equity-Based Incentives. It is agreed that, in
addition to and not in lieu of Senior Management Plan Bonuses, the Employee shall be
eligible to participate in any stock-option or other equity-based incentive
compensation plan or program sponsored by the Company or a successor and shall be
eligible to receive an award or awards, if any, under such plans or programs as
determined in the sole discretion of the Board of the Board’s Compensation Committee
(or any successor board of directors or committee) (any such awards, the “Equity
Awards”)
	 
	 	2.4	 	Benefits. In addition to the Base Salary, any Senior Management Plan Bonus and
any Equity Awards payable or granted to Employee hereunder, Employee will be entitled
to the following benefits during the period of Employee’s employment with the Company:

	 	(a)	 	payments of premiums for hospitalization, disability, life and
health insurance, to the extent offered by the Company, and in amounts
consistent with Company policy, for all key management employees, as reasonably
determined by the Board;
	 
	 	(b)	 	up to four (4) weeks paid vacation each year with salary,
provided that unused vacation time shall not be carried over to subsequent
years;
	 
	 	(c)	 	reimbursement for reasonable, ordinary and necessary
out-of-pocket business expenses incurred by Employee in the performance of his
duties, subject to the Company’s policies in effect from time to time with
respect to travel, entertainment and other expenses, including without
limitation, requirements with respect to reporting and documentation of such
expenses;

5

 

	 	(d)	 	use of an automobile at the Company’s expense which shall
include expenses for parking in the area of the Company’s offices and for
comprehensive insurance coverage for the automobile; and
	 
	 	(e)	 	other benefit arrangements and perquisites, including a 401(k)
or similar tax deferral plan, to the extent made generally available by the
Company to its executives and key management employees.

	 	2.5	 	Taxes, etc. All compensation payable to Employee hereunder is stated in gross
amount and shall be subject to all applicable withholding taxes, other normal payroll
and any other amounts required by law to be withheld.
	 
	 	2.6	 	Compensation After Termination.

	 	(a)	 	If the Employee’s employment under this Agreement is terminated
by the Company due to the Employee’s Disability, and the Employee incurs a
Separation from Service, then the Company shall pay to the Employee (in
addition to the payment of the Base Salary through the date of termination as
well as a prorated Senior Management Plan Bonus) an amount in cash equal to the
Employee’s Base Salary, as in effect on the date of termination, through the
one year anniversary of the date of termination, in equal installments in
accordance with the Company’s ordinary payroll pay practices, provided,
however, that the Company may cease making such payments if Employee becomes
eligible to receive and begins receiving long-term disability payments from the
applicable insurer in an amount equal to Employee’s after-tax Base Salary per
month at the level received immediately before incurrence of the Disability,
and provided, further, that if allowed by the terms of the applicable long-term
disability policy, the amount payable by the Company shall be reduced by the
amount payable under the applicable long-term disability policy such that the
aggregate amount received by Employee shall equal the Employee’s after-tax Base
Salary per month at the level received immediately before incurrence of the
Disability (based upon the amounts of federal, state and local income and
employment taxes withheld by the Company from Employee’s Base Salary as
immediately before such incurrence). Nothing in this Section 2.6(a) is to be
construed as a reason to delay the commencement or reduce the amount of
long-term disability benefits payable from the Company’s insurance carrier.
Except as otherwise provided in this Agreement, the Company shall have no other
obligations hereunder or otherwise with respect to Employee’s employment from
and after the termination or expiration date, and the Company shall continue to
have all other rights available hereunder (including, without limitation, all
rights under Sections 3, 4, and 6 at law or in equity).
	 
	 	(b)	 	If Employee’s employment under this Agreement is terminated by
the Company without Cause or the Executive terminates his employment for Good
Reason, in each case prior to any Change of Control (as defined in

6

 

	 	 	 	Section 2.6(c) below) and not in anticipation of a Change of Control, during
the Term, and the Employee incurs a Separation from Service, Employee shall
be entitled to receive as severance pay (in addition to the payment of the
Base Salary through the date of termination) an amount equal to one year of
his current Base Salary, payable over the one year period following his
Separation from Service in equal installments in accordance with the
Company’s ordinary payroll pay practices. In addition, all unvested Equity
Awards and any other equity awards held by Employee shall accelerate and
vest in full as of the date of termination. Employee shall have no
obligation to mitigate these post-employment payments by seeking other
employment. Except as otherwise provided in this Agreement, the Company
shall have no other obligations hereunder or otherwise with respect to
Employee’s employment from and after the termination or expiration date, and
the Company shall continue to have all other rights available hereunder
(including, without limitation, all rights under Sections 3, 4, and 6 at law
or in equity).
	 
	 	(c)	 	If the Employee’s employment is terminated by the Company
without Cause for any reason or no reason other than Employee’s death or
Disability, or the Employee terminates his employment for Good Reason, in each
case within 24 months following a Change of Control that occurred during the
Term, or in anticipation of a Change of Control, and the Employee incurs a
Separation from Service, Employee shall be entitled to receive (i) all
compensation accrued and unpaid prior to the date of termination, (ii) an
amount equal to two (2) times his annual Base Salary (based upon the greater of
(A) Employee’s Base Salary as of the date of the Change of Control, or (B)
Employee’s highest Base Salary at any time following the commencement of the
Term), payable in equal installments over the 18-month period following
Employee’s Separation from Service, in accordance with the Company’s regular
payroll pay practices (iii) an amount equal to two (2) times the average of the
Senior Management Bonuses calculated for 2009 and each successive full calendar
year prior to the date of termination, payable in a lump sum on the First
Payment Date (as defined in Section 2.6(f) below) and (iv) the vesting of all
stock options, shares of restricted stock and other equity awards held by
Employee shall accelerate and vest in full. The payments described in this
Section 2.6(c) are intended to be in lieu of and not to duplicate any payments
described in Sections 2.6(a), 2.6(b) or 2.6(d). Therefore in the event the
Employee is entitled to receive any payments under this Section 2.6(c), he
shall not be entitled to any payments under Sections 2.6(a), 2.6(b) or 2.6(d).
Employee shall not be required to mitigate the amount of any payment required
by this Section 2.6(c) by seeking other employment or otherwise and no such
payment shall be offset or reduced by the amount of any compensation or
benefits provided to Employee in any subsequent employment. In the event that
the payment amounts due to Employee pursuant to this Section 2.6(c) and other
provisions of this Agreement, plus any other compensation or

7

 

	 	 	 	benefits provided to Employee under any other agreement, plan or arrangement
with the Company, following a Change of Control would result in an “excess
parachute payment” within the meaning of Section 280G of the Code, then the
amount due to Employee shall be capped at the maximum amount payable to
Employee before such “excess parachute payment” provisions would otherwise
apply by reducing first, the amount of Base Salary otherwise payable in cash
compensation under Section 2.6(c)(ii), and second, the amount of Senior
Management Bonus otherwise payable in cash compensation under Section
2.6(c)(iii). For purposes of determining the limitations under Section 280G
of the Code, it is recognized that the non-competition and non-solicitation
provisions of Section 3 of this Agreement constitutes a refraining from the
performance of services such that the reasonable value for such provisions
is excluded from the determination of the amount of “parachute payments” as
defined by Section 280G of the Code. The parties agree and acknowledge that
the foregoing provisions are intended to prevent the imposition on the
Employee of any tax for excess parachute payments under Section 4999 of the
Code. However, if any tax for excess parachute payments is imposed on the
Employee under Section 4999 of the Code, the Company will be responsible for
payment of the tax, penalty, interest and any related audit costs incurred
by Employee, including any payments necessary to place the Employee in the
same taxable position he would have been had no excess parachute payments
existed, and the Employee will be required to return to the Company any
excess amounts received over the limitations of Section 280G of the Code.
	 
	 	 	 	All calculations, valuations and amounts payable under this Section 2.6(c),
and the limitations imposed by Section 280G of the Code, shall be calculated
at Company expense by an independent accounting firm that is mutually agreed
upon by the Company and the Employee.
	 
	 	 	 	For purposes of this Agreement, the term “Change of Control” shall mean the
purchase or other acquisition by any person, entity or group of persons,
within the meaning of section 13(d) or 14(d) of the Securities Exchange Act
of 1934 (“Act”), or any comparable successor provisions, of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Act) of
fifty percent (50%) or more of either the outstanding shares of common stock
or the combined voting power of Regent Communications, Inc.’s then
outstanding voting securities entitled to vote generally, or the approval by
the stockholders of Regent Communications, Inc. of a reorganization, merger,
or consolidation, in each case, with respect to which persons who were
stockholders of Regent Communications, Inc. immediately prior to such
reorganization, merger or consolidation do not, immediately thereafter, own
more than fifty percent (50%) of the combined voting power entitled to vote
generally in the election of directors of the reorganized, merged or
consolidated Regent Communications, Inc.’s then outstanding securities, or a
liquidation or

8

 

	 	 	 	dissolution of Regent Communications, Inc. or of the sale of all or
substantially all of Regent Communications, Inc’s assets, it being
understood and agreed that a “sale of all or substantially all” of the
Company’s assets shall be deemed to have occurred if at any time after the
date hereof, the value of the Company’s assets is less than fifty percent
(50%) of the value of the Company’s assets as of the later of (A) the
beginning of the Term or (B) 24 months prior to the date of termination of
Employee’s employment with the Company, due to one or more transactions in
which assets of the Company are sold, transferred or otherwise disposed of
to one or more persons. It shall not be considered a “Change of Control” if
the sale or transfer of assets is to: (i) a shareholder of the Company
(immediately before the asset transfer) in exchange for or with respect to
its stock; (ii) an entity, fifty percent (50%) or more of the total value or
voting power of which is owned, directly or indirectly, by the Company;
(iii) a person, or a group of people, that owns, directly or indirectly,
fifty percent (50%) or more of the total value or voting power of all the
outstanding stock of the Company; or (iv) an entity, at least fifty percent
(50%) of the total value or voting power of which is owned, directly or
indirectly, by a person described in (iii) above. In addition, the term
“Change of Control” shall include changes in the Regent Communications, Inc.
Board of Directors during any twelve (12) month period, such that
individuals who, as of the beginning of such period, constitute the Board
(the “Incumbent Directors”) cease for any reason to constitute at least a
majority of the Board, provided that any person becoming a director
subsequent to the beginning of such period whose election or nomination for
election was approved by a vote of at least a majority of the Incumbent
Directors then on the Board (either by a specific vote or by approval of the
proxy statement of the Company in which such person is named as a nominee
for director, without written objection to such nomination) shall be deemed
to be an Incumbent Director.
	 
	 	 	 	The phrase “in anticipation of a Change of Control” shall mean a knowing act
by the Board of Directors to terminate Employee’s employment hereunder
without Cause or to cause a circumstance constituting Good Reason to occur
when the Board of Directors has approved or is considering approval of a
transaction or series of transactions that the Board of Directors believes
will result in a Change of Control during the Term or the signing of a
definitive agreement during the Term for a transaction or series of
transactions that would constitute a Change of Control.
	 
	 	(d)	 	If the Employee’s employment is terminated pursuant to Section
2.6(a) or 2.6(b) above, Employee shall be entitled to receive, at such time as
it would otherwise be payable, any Senior Management Plan Bonus which would
have been payable, based upon the Company’s performance over the full fiscal
year, prorated for that portion of the fiscal year during which the Employee
was employed by the Company.

9

 

	 	(e)	 	If the Employee’s employment is terminated pursuant to Section
2.6(a), 2.6(b) or 2.6(c) above, then, the Company shall at its expense allow
the Employee to continue to participate in the group life insurance plans
maintained generally for the Company’s executives and key management employees
(as such plans may be amended or terminated by the Company from time to time)
and provided the Employee and/or his spouse and dependents, as applicable,
timely elect to continue participation in the Company’s group health and dental
benefit plans under COBRA, the Company shall provide reimbursement for, or
direct payment to the carrier for, the premium costs under COBRA for the
Executive and his spouse and dependents, as applicable, in all cases for (A) if
the Employee’s employment is terminated pursuant to Section 2.6(a) or 2.6(b),
twelve (12) months following the Employee’s date of termination and (B) if the
Employee’s employment is terminated pursuant to Section 2.6(c), eighteen (18)
months following the Employee’s date of termination. The Company’s obligations
hereunder with respect to continued life, health or dental benefits,
respectively, shall cease upon the Employee becoming eligible to participate in
a group life, health or dental benefit plan of a subsequent employer. This
Section 2.6(e) shall not be interpreted so as to limit any benefits to which
Employee or his dependents or beneficiaries may be entitled under the terms of
any of the Company’s employee benefit plans, programs or practices following
Employee’s termination of employment, including without limitation, any retiree
medical and life insurance benefits.
	 
	 	(f)	 	The Employee’s right to receive the severance payments
described in Sections 2.6(a), 2.6(b), 2.6(c), 2.6(d) and 2.6(e) shall be
subject to Employee’s execution, within 21 days after Employee’s Separation
from Service, and non-revocation of an effective general release of claims
against the Company and its affiliates in the form attached hereto as Exhibit
B. Notwithstanding anything to the contrary in this Agreement, any payments
that would otherwise have been made prior to the Company’s first regular
payroll payment date on or after the 30th day following the
Employee’s Separation from Service (the “First Payment Date”) shall be made on
the First Payment Date. Except as expressly provided in this Section 2.6, in
the event the Employee’s employment terminates for any reason, the Company
shall have no obligation to the Employee and the Employee shall not be entitled
to any payments or benefits of any kind, other than payment of Employee’s Base
Salary through the date of termination or as otherwise required by law.
	 
	 	(g)	 	If the Employee is eligible to receive any severance payments
or benefits under any generally applicable severance plan or policy of the
Company or any of its affiliates, any payments or benefits under such plan or
policy shall be reduced (but not below zero) by any payments provided or to be
provided under Sections 2.6(a), 2.6(b), 2.6(c) and 2.6(d) of this Agreement.

10

 

	 	2.7	 	Profit Sharing, Pension and Salary Deferral Benefits. It is understood by the
parties to this Agreement that, during the period of Employee’s employment, Employee
shall be entitled to participate in or accrue benefits under any pension, salary
deferral or profit sharing plan now existing or hereafter created for employees of the
Company upon terms and conditions no less favorable than those to which the Company may
provide for other senior executive employees.

	3.	 	Covenant Not to Compete.

	 	3.1	 	Non-Competition. Employee agrees that during the Term and for the 18-month
period immediately following the termination of his employment with the Company, he
shall not, within a twenty-five (25) mile radius of any radio station transmission
tower or studio then owned or operated, directly or indirectly, by the Company (the
“Territory”), engage in any of the following activities:

	 	(a)	 	Directly or indirectly enter into the employ or render any
service to or act in concert with any person, partnership, corporation or other
entity engaged in the ownership or operation of radio stations (the “Radio
Business”) with a radio station transmission tower or studio located within the
Territory; or
	 
	 	(b)	 	Directly or indirectly engage in the Radio Business with a
radio station transmission tower or studio located within the Territory on his
own account; or
	 
	 	(c)	 	Become interested in any such Radio Business with a radio
station transmission tower or studio located within the Territory directly or
indirectly as an individual, partner, shareholder, director, officer,
principal, agent, employee, consultant, creditor or in any other relationship
or capacity; provided, that the purchase of a publicly traded security of a
corporation engaged in the Radio Business shall not in itself be deemed
violative of this Agreement so long as Employee does not own, directly or
indirectly, more than 3% of the securities of such corporation.

	 	3.2	 	Non-Solicitation. Employee agrees that during the Term and for the 18-month
period immediately following the termination of his employment with the Company, he
shall not (other than in the regular course of the Company’s business) within the
Territory solicit, directly or indirectly, business of the type then being performed by
the Company from any person, partnership, corporation or other entity which is a
customer of the Company at the time Employee’s employment with the Company terminates,
or was such a customer within the one-year period immediately prior thereto, or to the
knowledge of Employee at the date of termination of employment, is a person,
partnership, corporation or other entity with which the Company plans to do a
substantial amount of business within the one-year period after such termination of
employment.

	4.	 	Non-Inducement and Non-Disclosure.

11

 

	 	4.1	 	Non-Inducement. Employee agrees that during the Term and for an 18-month
period immediately following the termination of his employment with the Company, he
shall not directly or indirectly, individually or on behalf of persons not parties to
this Agreement, aid or endeavor to solicit or induce any of the Company’s employees to
leave their employment with the Company in order to accept employment with Employee or
another person, partnership, corporation or other entity.

	 	4.2	 	Non-Disclosure. At no time during his employment hereunder or afterwards shall
Employee divulge, furnish or make accessible to anyone (other than in the regular
course of the Company’s business) any knowledge or information with respect to
confidential information or data of the Company, or with respect to any confidential
information or data of any of the customers of the Company, or with respect to any
other confidential aspect of the business or products or services of the Company or its
customers. Upon termination of his employment with the Company, Employee shall return
to the Company all records, documents and material containing confidential information
of the Company prepared by Employee or coming into his possession by virtue of his
employment with the Company, including all copies thereof.

	5.	 	Effect of Termination Without Cause or for Good Reason on no Change of Control.
Notwithstanding the provisions of Sections 3 and 4 above, the restrictions imposed upon
Employee in Sections 3.1, 3.2, and 4.1 of this Agreement during the period following the
termination of his employment hereunder shall apply in the event Employee’s employment
hereunder is terminated by the Company without Cause pursuant to Section 1.4(ii) or by the
Employee for Good Reason only for a period of one year provided Employee has received and has
elected to accept the severance pay under Section 2.6(b).

	6.	 	Remedies. Employee acknowledges and agrees that the covenants set forth in Sections 3 and 4
of this Agreement (collectively, the “Restrictive Covenants”) are reasonable and necessary for
the protection of the Company’s business interests and compliance therewith will not deprive
Employee of the ability to earn a suitable living, that irreparable injury will result to the
Company if Employee breaches any of the terms of the Restrictive Covenants, and that in the
event of Employee’s actual or threatened breach of any such Restrictive Covenants, the Company
will have no adequate remedy at law. Employee accordingly agrees that in the event of any
actual or threatened breach by him of any of the Restrictive Covenants, the Company shall be
entitled to immediate temporary injunctive and other equitable relief, without the necessity
of showing actual monetary damages, subject to hearing as soon thereafter as possible. In
such event, the periods of time referred to in Sections 3 and 4 shall be deemed extended for a
period equal to the respective period during which Employee is in breach thereof, in order to
provide for injunctive relief and specific performance for a period equal to the full term
thereof. Nothing contained herein shall be construed as prohibiting the Company from pursuing
any other remedies available to it for such breach or threatened breach, including the
recovery of any damages which it is able to prove. The covenants contained in Section 3 and 4
shall be construed as separate covenants, and if any court shall finally determine that the
restraints provided for in any such covenants are too broad

12

 

	 	 	as to the geographic area, activity or time covered, said area, activity or time covered may
be reduced to whatever extent the court deems reasonable and such covenants shall be
enforced as to such reduced area, activity or time. Employee shall indemnify and hold
Company harmless from any liability, loss, damage, judgment, cost or expense(including
reasonable attorneys’ fees and expenses) arising out of any claim or suit resulting from
Employee’s breach of these covenants or his failure to perform a duty hereunder.

	7.	 	No Other Non-Compete Agreements. Notwithstanding anything to the contrary contained herein,
Employee hereby represents, warrants and covenants to Company that Employee (i) is not a party
to nor bound by any non-competition, non-solicitation, confidentiality or other agreement of
any kind which would conflict with or prevent his employment hereunder or the full performance
of all of his duties hereunder, and (ii) has not, and will not, wrongfully use any
confidential information or know-how taken from another employer. Employee hereby agrees to
indemnify and hold the Company harmless from any claim, loss, damage and expense hereafter
incurred by the Company as a result of any breach of the foregoing representations, warranties
or covenants made by Employee in this Section.

	8.	 	Life Insurance. The Company may at its discretion and at any time apply for and procure as
owner and for its own benefit and at its own expense, insurance on the life of Employee in
such amounts and in such form or forms as the Company may choose. Employee shall cooperate
with the Company in procuring such insurance and shall, at the request of the Company, submit
to such medical examinations, supply such information and execute such documents as may be
required by the insurance company or companies to whom the Company has applied for such
insurance. Employee shall have no interest whatsoever in any such policy or policies, except
that, upon the termination of Employee’s employment hereunder, Employee shall have the
privilege of purchasing any such insurance from the Company for an amount equal to the actual
premiums thereon previously paid by the Company.

	9.	 	Income Tax Treatment. Employee and the Company acknowledge that it is the intention of the
Company to deduct all amounts paid under this Agreement as ordinary and necessary business
expenses for income tax purposes. Employee agrees and represents that he will treat all
amounts paid hereunder as ordinary income for income tax purposes, and should he report such
amounts as other than ordinary income for income tax purposes, he will indemnify and hold the
Company harmless from and against any and all taxes, penalties, interest, costs and expenses,
including reasonable attorneys’ and accounting fees and costs, which are incurred by the
Company directly or indirectly as a result thereof.

13

 

	10.	 	Assignment. No party hereto may assign or delegate any of its rights or obligations
hereunder without the prior written consent of the other party hereto, provided, however, the
Company shall have the right to assign all or any part of its rights and obligations under
this Agreement to (i) any affiliate of the Company to which the Business is assigned at any
time or (ii) any successor to the Company or any purchaser of all or substantially all of the
assets of the Company. Except as otherwise expressly provided herein, all covenants and
agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind
and inure to the benefit of the respective successors and permitted assigns of the parties
hereto whether so expressed or not.

	11.	 	Severability. Whenever possible, each provision of this Agreement shall be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this
Agreement is held to be prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without invalidating the
remainder of this Agreement.

	12.	 	Counterparts. This Agreement may be executed in multiple counterparts, each of which shall
be deemed an original, but all of which taken together shall constitute one and the same
Agreement.

	13.	 	Descriptive Headings; Interpretation. The descriptive headings in this Agreement are
inserted for convenience of reference only and are not intended to be part of or to affect the
meaning or interpretation of this Agreement. The use of the word “including” in this
Agreement shall be by way of example rather than by limitation.

	14.	 	Notices. All notices, demands or other communications to be given or delivered under or by
reason of the provisions of this Agreement shall be in writing and shall be deemed to have
been duly given if (i) delivered personally to the recipient, (ii) sent to the recipient by
reputable express courier service (charges prepaid) or mailed to the recipient by certified or
registered mail, return receipt requested and postage prepaid, or (iii) transmitted by
telecopy to the recipient with a confirmation copy to follow the next day to be delivered by
overnight carrier. Such notices, demands and other communications shall be sent to the
addresses indicated below:

	 	(a)	 	If to Employee:
	 
	 	 	 	Anthony A. Vasconcellos 

100 East RiverCenter Blvd. 

9th Floor 

Covington, KY 41011 

Facsimile No. 859/292-0352
	 
	 	(b)	 	If to the Company:
	 
	 	 	 	Regent Communications, Inc.

100 East RiverCenter Blvd.

9th Floor

Covington, KY 41011

Facsimile No. 859/292-0352

	 	 	 	or to such other address or to the attention of such other person as the
recipient party has specified by prior written notice to the sending party.
Date of service of such notice shall be (w) the date such notice is
personally delivered, (x) three days after the date of mailing if sent by
certified or registered mail, (y) one day after the date of delivery to the

14

 

	 	 	 	overnight courier if sent by overnight courier or (z) the next business day
after the date of transmittal by telecopy.

	15.	 	Preamble; Preliminary Recitals. The Preliminary Recitals set forth in the Preamble hereto
are hereby incorporated and made part of this Agreement.

	16.	 	Waiver. No modification, termination or attempted waiver of this Agreement shall be valid
unless in writing and signed by the party against whom the same is sought to be entered.
Either party’s failure to enforce any provision or provisions of this Agreement shall not in
any way be construed as a waiver of any such provision or provisions as to any future
violations thereof, nor prevent that party thereafter from enforcing each and every other
provision of this Agreement. The rights granted the parties herein are cumulative and the
waiver by a party of any single remedy shall not constitute a waiver of such party’s right to
assert all other legal remedies available to him or it under the circumstances.

	17.	 	Additional Obligations. Both during and after the Term, Employee shall, upon reasonable
notice, furnish the Company with such information as may be in Employee’s possession, and
cooperate with the Company, as may reasonably be requested by the Company (and, after the
termination of Employee’s employment, with due consideration for Employee’s obligations with
respect to any new employment or business activity) in connection with any litigation in which
the Company or any affiliate is or may become a party. The Company shall reimburse Employee
for all reasonable expenses incurred by Employee in fulfilling Employee’s obligations under
this Section 17.

	18.	 	Governing Law. This Agreement shall be construed and enforced in accordance with, and all
questions concerning the construction, validity, interpretation and performance of this
Agreement shall be governed by, the laws of the Commonwealth of Kentucky without giving effect
to provisions thereof regarding conflict of laws.

	19.	 	Effect of Termination. Notwithstanding any termination of Employee’s employment with the
Company or the expiration of this Agreement, unless superseded by a new employment agreement
between Company and Employee, the terms and conditions of this Agreement shall continue in
full force and effect except that the Company shall have no right to require, nor shall
Employee have any obligation to continue, the Employee’s ongoing employment with the Company.

	20.	 	Attorneys Fees. The Company shall pay or reimburse the Employee for all reasonable and
documented legal fees incurred by him in connection with the negotiation of this Agreement, up
to a maximum of $5,000. Such payment or reimbursement shall be made in calendar year 2010.

	21.	 	Section 409A.

	 	21.1	 	Notwithstanding anything to the contrary in this Agreement, if at the time of
Employee’s Separation from Service with the Company, Employee is a Specified Employee
and the deferral of the commencement of any payments or benefits otherwise payable
hereunder as a result of such Separation from Service is

15

 

	 	 	 	necessary in order to prevent any accelerated or additional tax under Section 409A
of the Code, then the Company will defer the commencement of the payment of any such
payments or benefits hereunder (without any reduction in the payments or benefits
ultimately paid or provided to Employee) until the date that is at least six (6)
months following Employee’s Separation from Service with the Company (or the
earliest date permitted under Section 409A of the Code), whereupon the Company will
pay Employee a lump-sum amount equal to the cumulative amounts that would have
otherwise been previously paid to Employee under this Agreement during the period in
which such payments or benefits were deferred. Thereafter, payments will resume in
accordance with this Agreement. For purposes of the foregoing, “Specified Employee”
shall have the meaning set forth in Section 409A(a)(2)(B)(i) of the Code and the
Department of Treasury regulations and other interpretive guidance issued
thereunder, including without limitation any such regulations or other guidance that
may be issued after the Effective Date.

	 	21.2	 	In the event that following the date hereof the Company or the Employee
reasonably determines that any payments or benefits payable under this Agreement may be
subject to adverse tax consequences under Section 409A of the Code, the Company and the
Employee shall work together to adopt such amendments to this Agreement or adopt other
policies or procedures (including amendments, policies and procedures with retroactive
effect), or take any other commercially reasonable actions necessary or appropriate to
(i) exempt the payments and benefits payable under this Agreement from Section 409A of
the Code and/or preserve the intended tax treatment of the payments and benefits
provided with respect to this Agreement or (ii) comply with the requirements of Section
409A of the Code.

	 	21.3	 	Notwithstanding anything to the contrary in this Agreement, in-kind benefits
and reimbursements provided under this Agreement during any tax year of the Employee
shall not affect in-kind benefits or reimbursements to be provided in any other tax
year of the Employee, except for the reimbursement of medical expenses referred to in
Section 105(b) of the Code, and are not subject to liquidation or exchange for another
benefit. Notwithstanding anything to the contrary in this Agreement, reimbursement
requests must be timely submitted by Employee and, if timely submitted, reimbursement
payments shall be made to the Employee as soon as administratively practicable
following such submission, but in no event later than December 31st of the
calendar year following the calendar year in which the expense was incurred. In no
event shall the Employee be entitled to any reimbursement payments after December
31st of the calendar year following the calendar year in which the expense
was incurred. This paragraph shall only apply to in-kind benefits and reimbursements
that would result in taxable compensation income to the Employee.

	 	21.4	 	As used in this Agreement, a “Separation from Service” shall mean the
Employee’s “separation from service” within the meaning of Section 409A of the Code and
any applicable Department of Treasury Regulations and other

16

 

	 	 	 	interpretive guidance issued thereunder, including without limitation any such
regulations or other guidance that may be issued after the Effective Date.

[Signature Page Follows]

17

 

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

	 	 	 	 	 
	 	COMPANY:

REGENT COMMUNICATIONS, INC.

 	 
	 	By:  	/s/ John H. Wyant
 	 
	 	 	John H. Wyant, Chairman of the 
Compensation Committee of the Board of
 Directors 	 
	 	 	 	 
	 
	 	EMPLOYEE:

 	 
	 	By:  	/s/ Anthony A. Vasconcellos
 	 
	 	 	Anthony A. Vasconcellos 	 
	 	 	 	 
	 

18

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}]]