Document:

Filed by Bowne Pure Compliance

 

Exhibit
10.1

Execution Copy

AMENDMENT NO. 3

AMENDMENT NO. 3 (this “Amendment No. 3”) dated as of February 25, 2008 between
WESTWOOD ONE, INC. (the “Borrower”), the “Subsidiary Guarantors” referred to on the
signature pages hereto and JPMORGAN CHASE BANK, N.A., in its capacity as Administrative Agent under
the Credit Agreement referred to below (the “Administrative Agent”).

The Borrower, the “Subsidiary Guarantors” party thereto, the Lenders party thereto and the
Administrative Agent are parties to a Credit Agreement dated as of March 3, 2004 (as amended by
Amendment No. 1 and Amendment No. 2 thereto, the “Credit Agreement”). The Borrower, the
Subsidiary Guarantors and the Administrative Agent (pursuant to authority granted by and having
obtained all necessary consents of the Required Lenders party to the Credit Agreement) wish now to
amend the Credit Agreement in certain respects, and, accordingly, the parties hereto hereby agree
as follows:

Section 1. Definitions. Except as otherwise defined in this Amendment No. 3, terms
defined in the Credit Agreement are used herein as defined therein.

Section 2. Amendments. Subject to the satisfaction of the conditions precedent
specified in Section 4 below, the Credit Agreement shall be amended as follows:

2.01. References Generally. References in the Credit Agreement (including
references to the Credit Agreement as amended hereby) to “this Agreement” (and indirect
references such as “hereunder”, “hereby”, “herein” and “hereof”) shall be deemed to be
references to the Credit Agreement as amended hereby.

2.02. Mandatory Prepayments. Section 2.08(b) of the Credit Agreement is
hereby amended by replacing the word “Prepayments” at the beginning of clause (iv) thereof
with “Subject to Section 4 of the Intercreditor and Collateral Trust Agreement with respect
to “Shared Amounts” (as defined therein), prepayments”.

Section 3. Representations and Warranties. Each Obligor represents and warrants to
the Lenders and the Administrative Agent, as to itself and each of its subsidiaries, that (a) the
representations and warranties set forth in Article IV of the Credit Agreement and in each of the
other Loan Documents are true and complete on the date hereof as if made on and as of the date
hereof (or, if any such representation or warranty is expressly stated to have been made as of a
specific date, such representation or warranty shall be true and correct as of such specific date),
and as if each reference in said Article IV to “this Agreement” included reference to this
Amendment No. 3, and (b) no Default or Event of Default has occurred and is continuing.

Section 4. Conditions Precedent. The amendments set forth in Section 2 hereof shall
become effective as of the date upon which (i) the Administrative Agent shall have received
counterparts of this Amendment No. 3 executed by the Borrower and the Subsidiary Guarantors and
(ii) the Amendment No. 2 Initial Effective Date (as defined in Amendment No. 2 to the Credit
Agreement) shall have occurred.

Section 5. Miscellaneous. Except as herein provided, the Credit Agreement shall
remain unchanged and in full force and effect. This Amendment No. 3 may be executed in any number
of counterparts, all of which taken together shall constitute one and the same amendatory
instrument and any of the parties hereto may execute this Amendment No. 3 by signing any such
counterpart. Delivery of a counterpart by electronic transmission shall be effective as delivery
of a manually executed counterpart hereof. This Amendment No. 3 shall be governed by, and
construed in accordance with, the law of the State of New York.

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 3 to be duly executed by
their respective authorized officers as of the day and year first above written.

	 	 	 	 	 
	 	 	WESTWOOD ONE, INC.
	 
	 	 	 	 
	 
	 	By	 	/s/ Gary J. Yusko
	 
	 	 	 	 
	 
	 	 	 	Name: Gary J. Yusko

Title: Chief Financial Officer
	 
	 	 	 	 
	 	 	SUBSIDIARY GUARANTORS
	 
	 	 	 	 
	 	 	METRO NETWORKS COMMUNICATIONS, INC.
	 
	 	 	 	 
	 
	 	By	 	/s/ Gary J. Yusko
	 
	 	 	 	 
	 
	 	 	 	Name: Gary J. Yusko

Title: Chief Financial Officer
	 
	 	 	 	 
	 	 	METRO NETWORKS COMMUNICATIONS, LIMITED PARTNERSHIP

     By: METRO NETWORKS COMMUNICATIONS, INC., 

      as General Partner
	 
	 	 	 	 
	 
	 	By	 	/s/ Gary J. Yusko
	 
	 	 	 	 
	 
	 	 	 	Name: Gary J. Yusko

Title: Chief Financial Officer
	 
	 	 	 	 
	 	 	METRO NETWORKS, INC.
	 
	 	 	 	 
	 
	 	By	 	/s/ Gary J. Yusko
	 
	 	 	 	 
	 
	 	 	 	Name: Gary J. Yusko

Title: Chief Financial Officer
	 
	 	 	 	 
	 	 	METRO NETWORKS SERVICES, INC.
	 
	 	 	 	 
	 
	 	By	 	/s/ Gary J. Yusko
	 
	 	 	 	 
	 
	 	 	 	Name: Gary J. Yusko

Title: Chief Financial Officer

Amendment No. 3

 

 

 

	 	 	 	 	 
	 	 	SMARTROUTE SYSTEMS, INC.
	 
	 	 	 	 
	 
	 	By	 	/s/ Gary J. Yusko
	 
	 	 	 	 
	 
	 	 	 	Name: Gary J. Yusko

Title: Chief Financial Officer
	 
	 	 	 	 
	 	 	WESTWOOD NATIONAL RADIO CORPORATION
	 
	 	 	 	 
	 
	 	By	 	/s/ Gary J. Yusko
	 
	 	 	 	 
	 
	 	 	 	Name: Gary J. Yusko

Title: Chief Financial Officer
	 
	 	 	 	 
	 	 	WESTWOOD ONE PROPERTIES, INC.
	 
	 	 	 	 
	 
	 	By	 	/s/ Gary J. Yusko
	 
	 	 	 	 
	 
	 	 	 	Name: Gary J. Yusko

Title: Chief Financial Officer
	 
	 	 	 	 
	 	 	WESTWOOD ONE RADIO, INC.
	 
	 	 	 	 
	 
	 	By	 	/s/ Gary J. Yusko
	 
	 	 	 	 
	 
	 	 	 	Name: Gary J. Yusko

Title: Chief Financial Officer
	 
	 	 	 	 
	 	 	WESTWOOD ONE RADIO NETWORKS, INC.
	 
	 	 	 	 
	 
	 	By	 	/s/ Gary J. Yusko
	 
	 	 	 	 
	 
	 	 	 	Name: Gary J. Yusko

Title: Chief Financial Officer
	 
	 	 	 	 
	 	 	WESTWOOD ONE STATIONS — NYC, INC.
	 
	 	 	 	 
	 
	 	By	 	/s/ Gary J. Yusko
	 
	 	 	 	 
	 
	 	 	 	Name: Gary J. Yusko

Title: Chief Financial Officer

Amendment No. 3

 

 

 

	 	 	 	 	 
	 	 	ADMINISTRATIVE AGENT
	 
	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.,

     as Administrative Agent
	 
	 	 	 	 
	 
	 	By	 	/s/ Ann B. Kerns
	 
	 	 	 	 
	 
	 	 	 	Name: Ann B. Kerns

Title: Vice President

Amendment No. 3exhibit_10-12.doc

Exhibit 10.12

CAL DIVE INTERNATIONAL, INC.

Summary of

2008

Executive Officer Cash Compensation

				
	Executive

Management Team

	Base

Salary

	Total

Bonus

Opportunity

	Base and

Bonus

Opportunity

	Quinn J. Hébert

President and CEO

	$    541,000

	$      783,000

	$   1,324,000

	Scott T. Naughton

Executive VP and COO

	376,000

	376,000

	752,000

	G. Kregg Lunsford

Executive VP and CFO

	276,000

	260,000

	536,000

	Lisa M. Buchanan

VP and General Counsel

	263,000

	218,000

	481,000

	 
	$ 1,456,000

	$   1,637,000

	$   3,093,000

{00001497.DOC /}exhibit_10-15.doc

Exhibit 10.15

AMENDMENT NO. 1 

TO

RESTRICTED STOCK AWARD AGREEMENT

This Amendment No. 1 to Restricted Stock Award Agreement (the “Agreement”) is made by and among Cal Dive International, Inc. (the “Company”) and Quinn J. Hébert, Scott T. Naughton, G. Kregg Lunsford and Lisa Manget Buchanan (each an “Employee,” and collectively “Employees”) effective as of December 19, 2007, pursuant to the Amended and Restated Cal Dive International, Inc. 2006 Long Term Incentive Plan (the “Plan”), which is incorporated by reference herein in its entirety.

WHEREAS, effective as of December 19, 2006, the Company granted to each of the Employees shares of restricted stock, subject to the terms and conditions of the Plan and the terms and conditions of a Restricted Stock Award Agreement (the “Original Agreement”) by and between the Company and each Employee; and

WHEREAS, all capitalized terms used herein that are not otherwise defined herein shall have the meanings ascribed to such terms in the Original Agreement; and

WHEREAS, Section 4 of the Original Agreement provides that (i) with respect to 53% of the total Restricted Shares granted, the Forfeiture Restrictions would commence to lapse in increments of 20% per year starting on the first anniversary of the Grant Date, (ii) with respect to the remainder of the Restricted Shares, the Forfeiture Restrictions would commence to lapse with respect to a percentage of the Restricted Shares that would be determined by calculating the amount by which the percentage ownership of the Company’s Common Stock held by Helix  was reduced (whether resulting from a sale by Helix of additional shares of Company common stock or issuance by the Company of shares of its common stock to stockholders other than Helix) in equal increments over five years commencing with the first anniversary of one or more Sale Closing Dates; and (iii) the Forfeiture Restrictions would lapse as to 100% of the Restricted Shares once Helix no longer owns 51% or more of the total voting power of the Company’s Common Stock; and

WHEREAS, during the course of 2007, the Company issued shares of its Common Stock to employees, directors, and to the former stockholders of Horizon Offshore, and by the terms of Section 4(ii) of the Original Agreement, a Sale Closing Date would have been deemed to occur each time the Company issued such additional shares of Common Stock, thus commencing the lapsing of Forfeiture Restrictions as to a percentage of the Restricted Shares; and 

WHEREAS, notwithstanding the provisions of the Original Agreement, it is the desire of the parties hereto to amend the Original Agreement to provide that, for each calendar year, all Sale Percentages resulting from Sale Closing Dates during the year shall be accumulated, and shall not be applied to the Restricted Shares until the earlier of (i) the date that the percentage ownership held by Helix is reduced by at least 2% or (ii) December 19 of the then current calendar year, until the Forfeiture Restrictions shall have commenced to lapse as to 100% of the Restricted Shares.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

1.

Waiver.  The parties hereby agree that notwithstanding Section 4(a)(ii) of the Original Agreement, only a single Sale Closing Date shall have been deemed to have occurred with respect to all issuances of Company Common Stock between the Grant Date and the effective date of this Agreement, and such Sale Closing Date shall be December 19, 2007 (the “2007 Sale Closing Date”).  The Employees hereby waive the provisions of the Original Agreement that would have provided for an earlier lapsing of the Forfeiture Restrictions with respect to any percentage or percentages of their Restricted Shares and hereby agree that the Sale Percentage of their Restricted Shares as to which the Forfeiture Restrictions shall begin to lapse on the first anniversary of the 2007 Sale Closing Date shall be 28.4%.  Appendix A attached hereto sets forth the vesting details for each of the Employees.

2.

Amendment.  The parties also hereby agree to amend Section 4(a)(ii) of the Original Agreement to read in its entirety as follows:

With respect to the remainder of the Shares, the Forfeiture Restrictions shall lapse with respect to a percentage (each a “Sale Percentage”) of the Shares, in equal increments over five years commencing on the first anniversary of the date or dates (each a “Sale Closing Date”) on which the percentage ownership by Helix Energy Solutions Group, Inc. (“Helix”) of the Company’s Common Stock is reduced (whether resulting from a sale by Helix of additional shares of Company Common Stock or an issuance of the Company of shares of its Common Stock to stockholders other than Helix).  For ease of administration, notwithstanding the occurrence of one or more Sale Closing Dates during any calendar year, all Sale Percentages resulting from such Sale Closing Dates shall be accumulated throughout such calendar year and shall not be applied to the Restricted Shares until the earlier of (i) the Sale Closing Date that, when combined with any earlier Sale Closing Dates, results in a reduction by at least 2% of the percentage ownership by Helix of the Company’s Common Stock, or (ii) December 19 of the then current calendar year in question.  Notwithstanding the foregoing, the Forfeiture Restrictions with respect to any and all remaining Shares shall lapse in equal increments over five years commencing on the first anniversary of the date on which Helix no longer owns 51% or more of the total voting power of the Company’s Common Stock.  Further, notwithstanding the foregoing, upon the occurrence of a Change of Control, the Forfeiture Restrictions shall lapse as to 100% of the Shares.

Except as modified by this Amendment, the Original Agreement shall remain unchanged and in full force and effect.

IN WITNESS WHEREOF, the Company and the Employees have each executed this Agreement all effective as of the date first above written.

			
	 
	CAL DIVE INTERNATIONAL, INC.

	 
	 
	 

	 
	 
	 

	 
	By:

	/s/ William L. Transier

	 
	 
	William L. Transier

	 
	 
	Chair, Compensation Committee

		
	 
	EMPLOYEES:

	 
	 

	 
	/s/ Quinn J. Hébert

	 
	Quinn J. Hébert

	 
	 

	 
	/s/ Scott T. Naughton

	 
	Scott T. Naughton

	 
	 

	 
	/s/ G. Kregg Lunsford

	 
	G. Kregg Lunsford

	 
	 

	 
	/s/ Lisa Manget Buchanan

	 
	Lisa Manget Buchanan

APPENDIX A

VESTING SCHEDULE

With respect to the number of shares listed opposite each Employee’s name, representing 28.4% of the total shares granted, the forfeiture restrictions shall lapse in accordance with the following schedule:

			
	Names

	Number of

Shares

	Vesting Schedule

	Quinn J. Hébert

	54,615

	20% per year commencing December 19, 2008

	Scott T. Naughton

	25,560

	20% per year commencing December 19, 2008

	G. Kregg Lunsford

	16,231

	20% per year commencing December 19, 2008

	Lisa Manget Buchanan

	14,942

	20% per year commencing December 19, 2008

	TOTAL

	111,348

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