Document:

EXHIBIT 10.1

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (the "Agreement")
is entered into effective as of July 1, 2018, by and between Stuart W. Epperson, an individual ("Executive"),
and Salem Communications Holding Corporation, a Delaware corporation (the "Company").

 

RECITALS

 

WHEREAS, the Executive and the Company are parties
to an Employment Agreement, dated July 1, 2017 (the "Old Employment Agreement");

 

WHEREAS, the Executive and the Company wish
to terminate the Old Employment Agreement, effective as of midnight on June 30, 2018;

 

WHEREAS, the Company desires to employ Executive
in the capacity of Chairman of the Board of the Company on the terms and conditions set forth herein; and

 

WHEREAS, Executive desires to serve in such
capacity on behalf of the Company and to provide to the Company the services described herein on the terms and conditions set forth
herein.

 

NOW, THEREFORE, in consideration of the foregoing
recitals, the terms and conditions set forth herein, and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Executive and the Company hereby agree as follows:

 

		1.	Employment by the
Company and Term.

 

(a)          Duties.
Subject to the terms set forth herein, the Company agrees to employ Executive as Chairman of the Board and Executive hereby accepts
such employment. As Chairman of the Board, Executive shall have the authority, functions, duties, powers and responsibilities for
Executive's corporate office and position as set forth in the Company's Bylaws from time to time and such other authority, functions,
duties, powers and responsibilities as the Board of Directors of the Company (the "Board") may from time to time prescribe
or delegate to Executive, in all cases to be consistent with Executive's corporate offices and positions. Notwithstanding the foregoing,
the Board may change Executive’s title, corporate office, positions, authority, functions, duties, powers and responsibilities
from time to time if it, in its sole discretion, believes such change(s) to be in the best interest of the Company, provided that
in no event shall Executive’s status be of lesser stature than as non-executive Vice Chairman.

 

(b)          Full
Time and Best Efforts. During the Term, Executive shall apply, on a full-time basis, all of his skill and experience to the
performance of his duties hereunder and shall not, without the prior consent of the Board, devote substantial amounts of time to
outside business activities. The performance of Executive's duties shall be primarily in Winston-Salem, North Carolina and Jacksonville,
Florida, subject to reasonable travel as the performance of his duties in the business may require. Notwithstanding the foregoing,
Executive may devote a reasonable amount of his time to civic, community, charitable or passive investment activities in a manner
which is reasonably consistent with his historic practices.

 

     

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(c)          Company
Policies. The employment relationship between the parties shall be governed by the general employment policies and practices
of the Company and of its parent, Salem Media Group, Inc., a Delaware corporation (“Parent”), including without limitation
the policies described in Section 10 of this Agreement, except that when the terms of this Agreement differ from or are in conflict
with the Company's or Parent’s general employment policies or practices, this Agreement shall control.

 

(d)          Term.
Executive’s term of employment under this Agreement shall commence as of the date hereof (the “Effective Date”)
and, subject to the terms hereof, shall terminate on such date (the “Termination Date”) that is the earlier of: (1)
June 30, 2019, or (2) the termination of Executive’s employment pursuant to Section 4 of this Agreement. The period
from the Effective Date until the Termination Date shall be defined herein as the “Term.”

 

		2.	Compensation and Benefits.

 

(a)          Cash
Salary. Executive shall receive for services to be rendered hereunder an annual base salary (the "Base Salary"),
at a rate of Two Hundred Twenty Five Thousand Dollars ($225,000).

 

(b)          Participation
in Benefit Plans. During the Term, Executive shall be entitled to participate in any group insurance, hospitalization, medical,
dental, health and accident, disability, compensation or other plan or program of the Parent or Company now existing or established
hereafter to the extent that he is eligible under the general provisions thereof. The Company may, in its sole discretion and from
time to time, amend, eliminate or establish additional benefit programs as it deems appropriate. The availability and terms of
such benefit plans shall be set by the Board of Directors of Parent, or its designated committee, and may change from time-to-time.
Executive shall be required to comply with all conditions attendant to coverage by the benefit plans hereunder and shall be entitled
to benefits only in accordance with the terms and conditions of such plans as they may be enumerated from time to time.

 

(c)          Perquisites.
During the Term, the Company shall provide Executive with the perquisites and other fringe benefits generally made available to
senior executives of the Company and any such other benefits as the Board of Directors of Parent, or its designated committee,
may elect to grant from time-to-time including the following:

 

(1)         Automobile
Allowance. The Company shall provide Executive, at no cost to Executive, the use of a company-owned or company-leased vehicle
of a cost and quality reasonably acceptable to the Company but, in any event, equal to or exceeding the cost and quality of the
vehicle presently used by Executive. The Company shall pay, or reimburse Executive for, all costs associated with operating, maintaining
and insuring such automobile, provided such costs are itemized and presented to the company in writing and in a form as then prescribed
by the Company in its policies for the reimbursement of employee business expenses;

 

     

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(2)         Life
Insurance. The Company shall provide Executive the death benefit provided under a split-dollar life insurance policy pursuant
to a separate Split Dollar Life Insurance Agreement dated January 10, 2011, and entered
into by Executive and the Company;

 

(3)         Regulatory
Filings. The Company shall pay for all governmental and regulatory filings required by Executive solely as a result of his
position as an officer or director of the Company or Parent, including, but not limited to, all Section 16 filings required by
Executive. For avoidance of doubt, such filings would include SEC Forms 4 and 5 and Schedule 13G and FCC ownership reports and
transfer applications and would not include other filings required in connection with the sale of company stock by Executive;

 

(4)         Regulatory
Filings/Fees Associated with Option Exercises. In the event Executive is required to make regulatory filings as a result of
his exercise of options granted him by the Company for the purchase of stock of the Parent, the Company shall pay the cost of such
filings, including any filing fee. The benefits provided in this Section 2(c)(4) shall include full reimbursement for any income
and employment taxes applicable to such benefits;

 

(5)         Travel
and Entertainment Expenses. Reasonable, bona-fide Company-related entertainment and travel expenses incurred by Executive in
accordance with the Employee Handbook, Code of Ethical Conduct, Financial Code of Conduct and other written policies, all as issued
by the Company, relating thereto shall be reimbursed or paid by the Company; and,

 

(6)         
Health Benefit. Employer will pay the employee, spouse and dependents portions of the monthly group health care premiums
on behalf of Executive.

 

		3.	Bonuses.

 

In addition to the other compensation of Executive
as set forth herein, and subject to the provisions of Section 4 hereof, Executive shall be eligible for an annual merit bonus in
an amount to be determined at the discretion of the Board of Directors of the Company, which bonus may be paid in cash, stock,
stock options or a combination thereof.

 

		4.	Termination of Employment.

 

		(a)	Termination For Cause.

 

(1)         Termination;
Payment of Accrued Salary. The Board may terminate Executive's employment with the Company at any time for Cause (as hereinafter
defined), immediately upon notice to Executive of the circumstances leading to such termination for Cause. In the event that Executive's
employment is terminated for Cause, Executive shall receive payment for all accrued salary through the Termination Date, which
in this event shall be the date upon which notice of termination is given. The Company shall have no further obligation to pay
severance of any kind nor to make any payment in lieu of notice.

 

     

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(2)         Definition
of Cause. For the purposes of this Agreement, “Cause” shall mean, without limitation, the following: (A)
continued gross neglect, malfeasance or gross insubordination in performing duties assigned to Executive; (B) a conviction for
a crime involving moral turpitude; (C) an egregious act of dishonesty (including without limitation theft or embezzlement) in connection
with employment, or a malicious action by Executive toward Parent, Company, or their affiliates or related entities (together with
Parent, collectively “Affiliates”); (D) a violation of the provisions of Section 6(a) hereof; (E) a willful breach
of this Agreement; (F) disloyalty; and (G) material and repeated failure to carry out reasonably assigned duties or instructions
consistent with Executive’s position.

 

(b)          Termination
by Executive. Executive shall have the right, at his election, to terminate his employment with the Company by notice to the
Company to that effect: (1) if the Company shall have failed to substantially perform a material condition or covenant of this
Agreement ("Company's Material Breach") or (2) if the Company materially reduces or diminishes Executive's powers and
responsibilities hereunder; provided, however, that a termination under clauses (1) and (2) of this Section 4(b) shall not be effective
until Executive shall have given notice to the Company specifying the claimed breach and, provided such breach is curable, Company
fails to correct the claimed breach within 30 days after the receipt of the applicable notice or such longer term as may be reasonably
required by the Company due to the nature of the claimed breach (but within 10 days if the failure to perform is a failure to pay
monies when due under the terms of this Agreement).

 

(c)          Termination
Upon Disability. The Company may terminate Executive's employment in the event Executive suffers any mental or physical impairment
which prevents Executive at any time during the Term from performing the essential functions of his full duties for a period of
180 days within any 270 day period and Executive thereafter fails to return to work within 10 days of notice by the Company of
intention to terminate (“Disability”). After the Termination Date, which in the event of a Disability shall be the
date upon which notice of termination is given, no further compensation shall be payable under this Agreement except that Executive
shall receive the accrued portion of any salary and bonus through the Termination Date, less standard withholdings for tax and
social security purposes, payable, in the case of a bonus, upon such date or over such period of time which is in accordance with
the applicable bonus plan plus severance equal to 100% of his then Base Salary for 15 months without offset for any disability
payments Executive may receive, payable in equal monthly installments. After the Termination Date following a Disability, any then
unvested or time-vested stock options previously granted to Executive by the Company shall become immediately one hundred percent
(100%) vested.

 

(d)          Termination
Without Cause. In the event that, during the Term, Executive's employment is terminated by the Company other than pursuant
to Section 4(a) or 4(c), or by Executive pursuant to Section 4(b), the Company shall pay Executive as severance an amount equal
to his then Base Salary for the longer of six months or the remainder of the Term, less standard withholdings for tax and social
security purposes, payable in equal installments over six consecutive months, or, if longer, the number of months remaining in
the Term, commencing immediately following termination, in monthly pro rata payments commencing as of the Termination Date, plus
the accrued portion of any bonus through the Termination Date, less standard withholdings for tax and social security purposes,
payable, in the case of a bonus, upon such date or over such period of time which is in accordance with the applicable bonus plan.

 

     

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(e)          Benefits
Upon Termination. All benefits provided under Section 2(b) hereof shall be extended at the Executive's cost, to the extent
permitted by the Company's insurance policies and benefit plans, for six months after Executive's Termination Date, except
(i) as required by law (e.g. COBRA health insurance continuation election) or (ii) in the event of a termination by
the Company pursuant to Section 4(a).

 

(f)          Termination
Upon Death. If Executive dies prior to the expiration of the Term, the Company shall (1) continue coverage of Executive's dependents
(if any) under all applicable benefit plans or programs of the type listed above in Section 2(b) herein for a period of 12 months,
to the extent permitted by the Company’s insurance policies and benefit plans, and (2) pay to Executive's estate the accrued
portion of any salary and bonus through the Termination Date, less standard withholdings for tax and social security purposes,
payable, in the case of a bonus, upon such date or over such period of time which is in accordance with the applicable bonus plan.
After the Termination Date, which in this event shall be the date of Executive’s death, any then unvested or time-vested
stock options previously granted to Executive by the Company shall become immediately one hundred percent (100%) vested.

 

(g)          No
Offset. Executive shall have no duty to mitigate any of his damages or losses and the Company shall not be entitled to reduce
or offset any payments owed to Executive hereunder for any reason.

 

		5.	Right of First Refusal on Corporate Opportunities.

 

During the Term, Executive agrees that he shall,
prior to exploiting a Corporate Opportunity (hereafter defined) for his own account or for the benefit of an immediate family member’s
account, offer the Company a right of first refusal with respect to such Corporate Opportunity. For purposes of this Section 5,
“Corporate Opportunity” shall mean any business opportunity that is in the same or a related business as any of the
businesses in which the Company or any of its Affiliates is involved. The determination as to whether a business opportunity constitutes
a Corporate Opportunity shall be made by the Nominating and Corporate Governance Committee of Parent or a majority of the disinterested
and independent members of the Board, and their determination shall be based on an evaluation of: (a) the extent to which the Corporate
Opportunity is within the Company’s or any of its Affiliates’ existing lines of business or its existing plans to expand;
(b) the extent to which the Corporate Opportunity supplements the Company’s or any of its Affiliates’ existing lines
of activity or complements the Company’s or any of its Affiliates’ existing methods of service; (c) whether the Company
has available resources that can be utilized in connection with the Corporate Opportunity; (d) whether the Company is legally or
contractually barred from utilizing the Corporate Opportunity; (e) the extent to which utilization of the Corporate Opportunity
by Executive would create conflicts of interest with the Company or any of its Affiliates; and (f) any other factors the Nominating
and Corporate Governance Committee or such disinterested and independent Board members deem(s) appropriate under the circumstances.

 

     

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		6.	Executive’s Obligations.

 

(a)          Confidential
Information. Executive agrees that, during the Term or at any time thereafter:

 

(1)         Executive
shall not use for any purpose other than the duly authorized business of Company, or disclose to any third party, any information
relating to Company or any of its Affiliates which is proprietary to Company or any of its Affiliates ("Confidential Information"),
including any customer list, contact information, rate schedules, programming, data, plans, intellectual property, trade secret
or any written (including in any electronic form) or oral communication incorporating Confidential Information in any way (except
as may be required by law or in the performance of Executive’s duties under this Agreement consistent with Company's policies)
regardless of whether or not such information has been labeled as “confidential”; and

 

(2)         Executive
shall comply with any and all confidentiality obligations of Company to a third party, whether arising under a written agreement
or otherwise.

 

(b)        Work
For Hire.

 

(1)         The
results and proceeds of Executive’s services to Company, including, without limitation, any works of authorship resulting
from Executive’s services during Executive’s employment with Company and/or any of its Affiliates and any works in
progress resulting from such services, shall be works-made-for-hire and Company shall be deemed the sole owner of any and all rights
of every nature in such works, whether such rights are now known or hereafter defined or discovered, with the right to use the
works in perpetuity in any manner Company determines in its sole discretion without any further payment to Executive. If, for any
reason, any of such results and proceeds are not legally deemed a work-made-for-hire and/or there are any rights in such results
and proceeds which do not accrue to Company under the preceding sentence, then Executive hereby irrevocably assigns and agrees
to assign any and all of Executive’s right, title and interest thereto, whether now known or hereafter defined or discovered,
and Company shall have the right to use the work in perpetuity in any location and in any manner Company determines in its sole
discretion without any further payment to Executive.

 

(2)         Executive
shall do any and all things which Company may deem useful or desirable to establish or document Company's rights in any such results
and proceeds, including, without limitation, the execution of appropriate copyright, trademark and/or patent applications, assignments
or similar documents and, if Executive is unavailable or unwilling to execute such documents, Executive hereby irrevocably designates
the Chief Executive Officer of Parent or his designee as Executive’s attorney-in-fact with the power to execute such documents
on Executive’s behalf. To the extent Executive has any rights in the results and proceeds of Executive’s services under
this Agreement that cannot be assigned as described above, Executive unconditionally and irrevocably waives the enforcement of
such rights.

 

     

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(3)        Works-made-for-hire
do not include subject matter that meets all of the following criteria: (A) is conceived, developed and created by Executive on
Executive’s own time without using the Company’s or any of its Affiliate’s equipment, supplies or facilities
or any trade secrets or confidential information, (B) is unrelated to the actual or reasonably anticipated business or research
and development of Company or any of its Affiliates of which Executive is or becomes aware; and (C) does not result from any work
performed by Executive for Company or any of its Affiliates.

 

(c)          Return
of Property. All documents, data, recordings, equipment or other property, whether tangible or intangible, including all information
stored in electronic form, obtained or prepared by or for Executive and utilized by Executive in the course of Executive’s
employment with Company or any of its Affiliates shall remain the exclusive property of Company and shall not be removed from the
premises of the Company under any circumstances whatsoever without the prior written consent of the Company, except when (and only
for the period) necessary to carry out Executive's duties hereunder, and if removed shall be immediately returned to the Company
upon any termination of his employment and no copies thereof shall be kept by Executive; provided, however, that Executive shall
be entitled to retain documents reasonably related to his prior interest as a shareholder. Upon termination of employment, Executive
shall promptly return all property of Company or any of its Affiliates.

 

(d)          Use
of Executive’s Name, Image and Likeness. Company may make use of Executive’s name, photograph, drawing or other
likeness in connection with the advertising or the giving of publicity to Company, Parent or a program broadcast or content provided
by Company, Parent or any Affiliates. In such regard, Company may make recordings, transcriptions, videotapes, films and other
reproductions of any and all actions performed by Executive in his or her capacity as an Executive of Company, including without
limitation any voice-over or announcing material provided by Executive (collectively “Executive Performances”). Company
shall have the right to broadcast, display, license, assign or use any Executive Performances on a royalty-free basis without additional
compensation payable to Executive.

 

		7.	Noninterference.

 

While employed by the Company and for a
period of two years thereafter, Executive agrees not to interfere with the business of the Company by directly or indirectly soliciting,
attempting to solicit, inducing, or otherwise causing any executive or material employee of the Company or any of its Affiliates
to terminate his or her employment in order to become an employee, consultant or independent contractor to or for any other Company.

 

     

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		8.	Noncompetition.

 

Because of the need to protect the Company’s
business interests, including confidential information known by Executive, and as consideration for Company’s offer to employ
Executive for the Term, Executive agrees that during the Term and for a period of two years thereafter, he shall not, without the
prior consent of the Company, directly or indirectly, be employed by, be connected with, or have an interest in, as an employee,
consultant, officer, director, partner, stockholder or joint venturer, in any person or entity owning, managing, controlling, operating
or otherwise participating or assisting in any business that is in competition with the business of the Company or any of its Affiliates
(a) during the Term, in any location, and (b) for the two-year period following the termination of this Agreement, in any province,
state or jurisdiction in the United States in which the Company or any of its Affiliates was conducting business at the date of
termination of Executive's employment and continues to do so thereafter; provided, however, that the foregoing shall not prevent
Executive from being a stockholder of less than one percent of the issued and outstanding securities of any class of a corporation
listed on a national securities exchange or designated as national market system securities on an interdealer quotation system
by the National Association of Securities Dealers, Inc. Notwithstanding the foregoing, this paragraph shall not operate to limit
Executive’s ability to provide non-confidential information to, serve on the board of directors of, or be employed by any
501(c)(3) organization, including any such organization operating non-commercial radio station(s).

 

		9.	Remedies.

 

Executive
acknowledges that a breach or threatened breach by Executive of any the provisions of Sections 5, 6, 7 or 8 will result in the
Company and its stockholders suffering irreparable harm which cannot be calculated or fully or adequately compensated by recovery
of monetary damages alone. Accordingly, Executive agrees that the Company shall be entitled to interim, interlocutory and permanent
injunctive relief, specific performance and other equitable remedies, in addition to any other relief to which the Company may
become entitled should there be such a breach or threatened breach.

 

		10.	Personal Conduct.

 

Executive agrees to promptly
and faithfully comply with all present and future policies, requirements, directions, requests and rules and regulations of the
Company in connection with the Company’s business, including without limitation the policies and requirements set forth in
Parent’s Employee Handbook, Code of Ethical Conduct and Financial Code of Conduct. Executive further agrees to comply with
all laws and regulations pertaining to Executive’s employment with the Company. Executive hereby agrees not to engage in
any activity that is in direct conflict with the essential interests of the Company or any of its Affiliates. Executive hereby
acknowledges that nothing set forth in the Employee Handbook, Code of Ethical Conduct or Financial Code of Conduct or any other
policy issued by the Company or Parent shall be deemed to create a separate contractual obligation, guarantee or inducement between
Executive and the Company.

 

     

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		11.	Indemnification.

 

The Company shall indemnify Executive to the fullest
extent permitted by law, in effect at the time of the subject act or omission, and shall advance to Executive reasonable attorneys’
fees and expenses as such fees and expenses are incurred (subject to an undertaking from Executive to repay such advances if it
shall be finally determined by a judicial decision which is not subject to further appeal that Executive was not entitled to the
reimbursement of such fees and expenses). Executive shall be entitled to the protection of any insurance policies that the Company
may elect to maintain generally for the benefit of its directors and officers against all costs, charges and expenses incurred
or sustained by him in connection with any action, suit or proceeding (other than any action, suit or proceeding arising under
or relating to this Agreement) to which Executive may be made a party by reason of his being or having been a director, officer
or employee of the Company or any of its Affiliates, or his serving or having served any other enterprise as a director, officer
or employee at the request of the Company. The Company covenants to maintain during Executive’s employment for the benefit
of Executive (in his capacity as an officer and director of the Company) Directors’ and Officers’ Insurance providing
benefits to Executive no less favorable, taken as a whole, than the benefits provided to the other senior executives of the Company
by the Directors’ and Officers’ Insurance maintained by the Company on the date hereof; provided, however, that the
Board may elect to terminate Directors’ and Officers’ Insurance for all officers and directors, including Executive,
if the Board determines in good faith that such insurance is not available or is available only at unreasonable expense.

 

		12.	Miscellaneous.

 

(a)          Notices.
Any notices provided hereunder must be in writing and shall be deemed effective upon the earlier of (1) personal delivery (including
personal delivery by e-mail or fax), (2) on the first day after mailing by overnight courier, or (3) on the third day after mailing
by first class mail, to the recipient at the address indicated below:

 

To the Company:

 

Salem Communications Holding Corporation

4880 Santa Rosa Road

Camarillo, California 93012

Attention: Christopher J. Henderson, Senior Vice
President, General Counsel &

Secretary

 

To Executive:

 

Stuart W. Epperson

3780 Will Scarlet Road

Winston-Salem, NC 27104

 

or to such other address or to the attention of such other person
as the recipient party shall have specified by prior written notice to the sending party.

 

(b)          Severability.
If any provision of this Agreement is determined to be invalid or unenforceable by a court of competent jurisdiction from which
no further appeal lies or is taken, that provision shall be deemed to be severed herefrom, and all remaining provisions of this
Agreement shall not be affected thereby and shall remain valid and enforceable.

 

     

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(c)          Entire
Agreement. This document constitutes the final, complete, and exclusive embodiment of the entire agreement and understanding
between the parties related to the subject matter hereof and supersedes and preempts any prior or contemporaneous understandings,
agreements, or representations by or between the parties, written or oral. Without limiting the generality of the foregoing, except
as provided in this Agreement, all understandings and agreements, written or oral, relating to the employment of Executive by the
Company or the payment of any compensation or the provision of any benefit in connection therewith or otherwise, are hereby terminated
and shall be of no further force and effect.

 

(d)          Counterparts.
This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than one party, but
all of which taken together shall constitute one and the same agreement.

 

(e)          Successors
and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive and the Company,
and their respective successors and assigns, except that Executive may not assign any of his duties hereunder and he may not assign
any of his rights hereunder without the prior written consent of the Company.

 

(f)          Amendments.
No amendments or other modifications to this Agreement may be made except by a writing signed by both parties. No amendment or
waiver of this Agreement requires the consent of any individual, partnership, corporation or other entity not a party to this Agreement.
Nothing in this Agreement, express or implied, is intended to confer upon any third person any rights or remedies under or by reason
of this Agreement.

 

(g)          Attorneys'
Fees. If any legal proceeding is necessary to enforce or interpret the terms of this Agreement, or to recover damages for breach
therefore, the prevailing party shall be entitled to reasonable attorney's fees, as well as costs and disbursements, in addition
to other relief to which he or it may be entitled.

 

(h)          Choice
of Law. All questions concerning the construction, validity and interpretation of this Agreement shall be governed by the internal
law, and not the law of conflicts, of the State of California.

 

(i)          Resolution
of Disputes. Company and Executive mutually agree to resolve any and all legal claims arising from or in any way relating to
Executive’s employment with Company through mediation or, if mediation does not resolve the claim or dispute within ten (10)
days of notice demanding mediation, by binding arbitration under the Federal Arbitration Act subject to the terms and conditions
provided below. Notwithstanding the foregoing, insured workers’ compensation claims (other than wrongful discharge claims)
and claims for unemployment insurance are excluded from arbitration under this Agreement. This Agreement does not prevent the filing
of charges with administrative agencies such as the Equal Employment Opportunity Commission, the National Labor Relations Board,
or equivalent state agencies. Arbitration shall be conducted in Ventura County, California in accordance with any of the following,
at Executive’s election: (a) the JAMS® Employment Rules of Procedure, or (b) the rules of procedure issued
by another alternative dispute resolution service mutually acceptable to Executive and Company. Any award issued in accordance
with this Section 12(i) shall be rendered as a judgment in any trial court having competent jurisdiction. Company shall pay the
arbitration fees and expenses, less any filing fee amount the Executive would otherwise have to pay to pursue a comparable lawsuit
in a United States district court in the jurisdiction where the dispute arises or state court in the jurisdiction where the dispute
arises, whichever is less. All other rights, remedies, exhaustion requirements, statutes of limitations and defenses applicable
to claims asserted in a court of law shall apply in the arbitration. Executive expressly waives any presumption or rule, if any,
which requires this Agreement to be construed against the Company.

 

     

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(j)          Integration.
This Agreement comprises the entire understanding of the parties with respect to the subject matter and shall supersede all other
prior written or oral agreements, including without limitation the Old Employment Agreement.

 

{Continued on the following page.}

 

     

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(k)          Survival;
Modification of Terms. No change in Executive’s duties or salary shall affect, alter, or otherwise release Executive
from the covenants and agreements contained herein. All post-termination covenants, agreements, representations and warranties
made herein by Executive shall survive the expiration or termination of this Agreement or employment under this Agreement in accordance
with their respective terms and conditions.

 

IN WITNESS WHEREOF, the parties have executed
this agreement effective as of the date first written above.

 

	 	"EXECUTIVE"
	 	 
	 	/s/ Stuart W. Epperson
	 	Stuart W. Epperson
	 	 
	 	"COMPANY"
	 	 
	 	SALEM COMMUNICATIONS HOLDING

CORPORATION

 

	 	 	 
	 	By:	/s/ EDWARD G. ATSINGER III
	 	 	Edward G. Atsinger III
	 	 	Chief Executive Officer

 

I hereby certify that the terms and conditions
of this Employment Agreement have been reviewed and approved by the Compensation Committee of Salem Media Group, Inc.

 

	Effective Date: July 1, 2018	/s/ RICHARD RIDDLE
	 	Richard Riddle
	 	Chairman of the Compensation Committee,
	 	Salem Media Group, Inc.Exhibit 10.1

  

GENERAL RELEASE AND WAIVER

1.            Termination Date.  Fred Argir (“Employee”) acknowledges and agrees that Employee’s employment with Barnes and Noble, Inc. (the “Company”) has ended effective at 11:59 pm on August 3, 2018 (the “Separation Date”).  This General Release and Waiver (the “Release”) is made and entered into by and between Employee, on his/her behalf and on behalf of his/her heirs, executors, administrators, agents, representatives, successors and assigns (collectively, “Releasors”) and the Company, its parents, affiliates and subsidiaries, and each of their current and former officers, directors, shareholders, trustees, agents, representatives, attorneys and employees, and the heirs, executors, receivers, administrators, agents, representatives, successors and assigns of all of the foregoing individually and in their business capacities, and their employee benefit plans and programs and their administrators and fiduciaries (collectively, “Releasees”).  This Release shall not be valid if signed before the Separation Date.

2.             (a) Separation Payment.  Employee agrees that, after Employee’s delivery to the Company of this fully executed and notarized Release as set forth below, and the expiration of the Revocation Period (defined below), Employee shall accept from the Company, and on behalf of the Company and each Releasee the gross amount of $500,000 payable over 52 weeks in accordance with the Company’s normal pay practices (“Separation Period”), less lawful deductions and withholdings.  This amount plus the employer subsidized COBRA payment in section 2(c), below, if any, constitute the “Separation Payment.”

(b) Final Compensation.  Employee acknowledges and agrees that (i) the Separation Payment is adequate consideration for all the terms of this Release and does not include any benefit, monetary or otherwise, which was earned or accrued or to which Employee was already entitled without signing this Release; and (ii) any monetary or other benefits which, prior to the execution of this Release, Employee may have earned or accrued or to which Employee may have been entitled, have been paid or will be paid in accordance with the Benefits Addendum attached hereto and incorporated herein by reference.  Employee also acknowledges that, prior to or contemporaneous with Employee’s execution of this Release, Employee received all wages and other payments, including accrued vacation pay and bonuses if any, that were owed to Employee from the Company or any Releasee.  Employee understands that he/she will receive any payment for wages owed to him/her upon termination regardless of whether he/she signs this Release.

(c) COBRA.  Employee, on behalf of Employee and Employee’s spouse and dependents, as applicable, may elect to continue medical and dental benefits pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), (a “COBRA Election”) if enrolled in such benefits as of the Separation Date.  If Employee makes a timely and proper COBRA Election, the Company will subsidize the premium rate for medical and dental coverage for the Separation Period in the same manner as if Employee were an active employee of the Company.  At the end of such period, if Employee and/or Employee’s spouse and dependents, as applicable, remain on COBRA, Employee will be responsible for paying the full monthly COBRA premiums.  If Employee elects COBRA, Employee may not be able to enroll in another health insurance plan (including Marketplace coverage) unless Employee has a qualifying life event (e.g., gaining new employment) or until there is an open enrollment period for the new plan.  For avoidance of doubt, expiration of the period during which the Company contributes towards the applicable COBRA premium is not considered a qualifying life event.  Similarly, losing COBRA coverage due to non-payment of premiums is not a qualifying life event.

(d) Medicare.  Employee affirms and warrants that Employee has informed the Company Benefits Department in writing if Employee (i) is a Medicare beneficiary; (ii) is currently receiving, has received in the past, or is eligible for benefits from Medicare; or (iii) has applied for or sought benefits from Medicare. Employee agrees to indemnify and hold the Company harmless for any penalties or liability, including interest, that may be asserted against the Company pursuant to Section 111 of the Medicare, Medicaid, and SCHIP Extension Act of 2007, 42 U.S.C. § 1395y(b)(8), as a result of the payments and benefits described in section 2 of this Release.

THIS SECTION PROVIDES A COMPLETE RELEASE AND WAIVER OF ALL EXISTING AND POTENTIAL CLAIMS YOU MAY HAVE AGAINST EVERY RELEASEE AS SET FORTH BELOW.  BEFORE YOU SIGN THIS RELEASE, YOU MUST READ THIS SECTION CAREFULLY, AND MAKE SURE THAT YOU UNDERSTAND IT FULLY.

 

 

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3.            (a) General Release.  In consideration of Employee’s receipt and acceptance of the Separation Payment from the Company on behalf of the Company and each Releasee, Employee on Employee’s behalf and on behalf of each Releasor, hereby irrevocably and generally releases the Company and each Releasee, and hereby waives and/or settles, except as expressly provided in this Release, any and all claims, actions, causes of action, suits, debts, dues, sums of money, accounts, controversies, agreements, promises, damages, judgments, executions, contracts, losses, expenses, obligations, or any liability of any nature, kind and description, whether in law, equity or otherwise, whether or not now known or ascertained, which currently do or may exist prior to the execution of this Release (collectively “Claims”).  Such Claims include, but are not limited to, the following: (i) claims arising from or relating to Employee’s employment with the Company, including, but not limited to, claims arising out of or relating to the Offer Letter between the Company and the Employee, dated as of June 12, 2015 (the “Offer Letter”), and claims for unpaid wages, front pay, back pay, bonuses, incentive pay, vacation pay, benefits, attorneys’ fees, breach or interference with contract (express or implied, written or oral), breach of the covenant of good faith and fair dealing, fraud, defamation, violation of public policy, infliction of emotional distress, misrepresentation, fraud, slander, libel, discrimination, retaliation, negligent retention/supervision, tortuous or harassing conduct, infliction of negligent or intentional emotional distress, assault/battery, wrongful dismissal, or termination of employment, damages including without limitation punitive or compensatory damages, attorneys’ fees, expenses, costs, injunctive or equitable relief; and (ii) claims arising under any applicable foreign, federal, state, local or other statutes, orders, laws, ordinances, regulations or the like, or case law, including, but not limited to, the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Civil Rights Acts of 1866 and 1871, the Age Discrimination in Employment Act of 1967, as amended (“ADEA”) (including, but not limited to, the Older Workers Benefit Protection Act (“OWBPA”)), the Americans with Disabilities Act of 1990, the Family Medical Leave Act of 1993, the Employee Retirement Income Security Act of 1974 (“ERISA”), the Immigration Reform and Control Act, the Fair Credit Reporting Act, the Genetic Information Nondiscrimination Act, the Worker Adjustment and Retraining Notification Act, the Vietnam Era Veterans' Readjustment Assistance Act, the Equal Pay Act, the New York Labor Law, the New York State Executive Law, the New York Administrative Code, the New Jersey Law Against Discrimination, the New Jersey Conscientious Employee Protection Act, the Massachusetts Wage Payment Statute, G.L. c. 149, §§ 148, 148A, 148B, 149, 150, 150A-150C, 151, 152, 152A, et seq., the Massachusetts Wage and Hour laws, G.L. c. 151§1A et seq., Minnesota Human Rights Act, West Virginia Human Rights Act, and all amendments of each of the foregoing laws.

(b) Exclusion from General Release.  Employee and the Company acknowledge that nothing in this Release shall be deemed a release or waiver by Employee of Claims Employee may have against Releasees for or based on (i) any benefit vested as of the Separation Date, pursuant to the written terms of any applicable employee benefit plan governed by ERISA; (ii) workers' compensation (but claims for retaliation for exercising workers’ compensation rights are waived); (iii) unemployment insurance benefits; (iv) vested benefits under the Company’s 401(k) plan; (v) vested long-term incentive awards; and (vi) any claims that, under applicable law, are not waivable.

(c) Governmental Agencies.  Nothing in or about this Release prohibits Employee from: (i) filing and, as provided for under Section 21F of the Securities Exchange Act of 1934, maintaining the confidentiality of a claim with a government agency that is responsible for enforcing a law; (ii) providing Confidential Information (as defined in section 8(a)) to the extent required by law or legal process or permitted by Section 21F of the Securities Exchange Act of 1934; (iii) cooperating, participating or assisting in any government or regulatory entity investigation or proceeding without notifying the Company; or (iv) receiving an award for information provided to any government agency that is responsible for enforcing the law, as set forth in Section 21F of the Securities Exchange Act of 1934.

(d) Collective/Class Action Waiver.  If any claim is not subject to release, to the extent permitted by law, Employee waives any right or ability to be a class or collective action representative or to otherwise participate in any putative or certified class, collective or multi-party action or proceeding based on such a claim in which any Releasee is a party.

(e) Defend Trade Secrets Act of 2016.  Notwithstanding anything herein to the contrary, under the federal Defend Trade Secrets Act of 2016, an individual may not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (i) is made (A) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding if the individual files any document containing the trade secret under seal and does not disclose the trade secret except pursuant to court order.  Nothing herein is intended, or should be construed, to affect the immunities created by the Defend Trade Secrets Act of 2016.

 

 

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4.            No Pending Claims.  Employee represents and warrants that Employee has not filed, caused to be filed, is presently a party to or commenced any complaints, grievances, charges, claims, actions or proceedings of any kind against any Releasee with any federal, state or local court or any administrative, regulatory or arbitration agency or body.  Notwithstanding the above, Employee agrees that he/she shall dismiss any of the foregoing that have been filed.  Except for Employee’s right to bring a proceeding pursuant to the OWBPA to challenge the validity of the release of claims pursuant to the ADEA, and otherwise as provided herein or permitted by law, Employee agrees not to commence, maintain, prosecute or participate as a party in any action or proceeding in any court or arbitration forum against the Company or any other Releasee with respect to any act, omission, transaction or occurrence up to and including the date of the execution of this Release.  Employee further agrees not to instigate, encourage, assist or participate in any court action or arbitration proceeding commenced by any other person (except a government agency) against the Company, or any other Releasee.  In the event any government agency seeks to obtain any relief on behalf of Employee with regard to any claim released and waived by section 3(a) of this Release, Employee covenants not to accept, recover or receive any monetary relief or award that may arise out of or in connection with any such proceeding. Similarly, the Company represents and warrants that it has not filed, caused to be filed, is presently a party to or commenced any complaints, grievances, charges, claims, actions or proceedings of any kind against the Employee with any federal, state or local court or any administrative, regulatory or arbitration agency or body. The Company further represents and warrants that it is not currently aware of any claims or causes of action against the Employee that it could assert or file in any federal, state or local court or any administrative, regulatory or arbitration agency or body.

5.            Affirmations.  Employee affirms that Employee has been paid and/or has received all compensation, wages, bonuses, commissions, and/or benefits which are due and payable as of the date Employee signs this Release.   Employee also affirms that Employee has been granted any leave to which Employee was entitled under the Family and Medical Leave Act or related state or local leave or disability accommodation laws.  In addition, Employee affirms that Employee has no known workplace injuries or occupational diseases. Employee further affirms that Employee has not been retaliated against for reporting any allegations of wrongdoing by the Company or its officers, including any allegations of corporate fraud.   

6.            Nonadmission.  This Release and any payments or benefits made hereunder are not intended to be, shall not be construed as, and are not an admission or concession by any Releasee of any liability, wrongdoing or illegal or actionable acts or omissions.  Employee hereby affirms that no Releasee has made any written or oral statements, suggestions or representations, either directly or impliedly, of any liability, wrongdoing or illegal or actionable acts or omissions by any Releasee.

7.            Employment Inquiries.  Employee shall direct all requests and inquiries concerning Employee’s possible employment by prospective employers to the HR Service Center at 1-800-799-5335 which will comply with the Company’s neutral reference policy.

8.            (a) Confidential Information and Materials.  Employee hereby acknowledges that during Employee’s employment, Employee may have acquired proprietary, private and/or otherwise confidential information (“Confidential Information,” as defined and described in this section).  Confidential Information shall mean all non-public information in any form or media that the Employee received, obtained or had access to during the course of or by virtue of his/her employment with the Company, including, but not limited to, information which constitutes, relates or refers to (i) the Company or any Releasee; (ii) any current or former employee of the Company or any Releasee; (iii) any person or entity with whom or which the Company or any Releasee transacted business during Employee's employment; (iv) any person or entity with respect to whom or which the Company or any Releasee acquired any non-public information; (v) any aspect of the operation of the business of the Company or any Releasee, including without limitation, all financial, operational and statistical information; (vi) any information or documents provided or produced in any litigation or other legal proceedings; (vii) any information protected or governed by any other confidentiality agreement or stipulation; and (viii) any information protected or governed by the attorney-client privilege, work-product doctrine or any similar privilege or immunity.

 

 

 

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(b) Nondisclosure.  Employee hereby represents and agrees that upon execution of this Release (i) Employee has returned to the Company, and has not retained any copies of, all documents, records or materials of any kind in any form or media, which contain, relate to or refer to any Confidential Information (“Confidential Materials”); and (ii) Employee has not disclosed any Confidential Information or Confidential Materials to any person or entity outside the scope of Employee’s job with the Company without the express authorization of an authorized officer of the Company.  Employee further agrees that in consideration of the Company’s agreement to deliver the Separation Payment pursuant to the terms of this Release, Employee and/or any Releasor shall not disclose or use for any purpose any Confidential Information or Confidential Materials, in any manner directly or indirectly, except as may be required by law, permitted pursuant to written authorization by the Company, or otherwise provided herein.

Employee further represents that Employee has not, and agrees that Employee shall not, disclose orally or in writing, directly or indirectly, to any person (other than to the members of Employee’s immediate family, Employee’s attorney, financial advisor, and accountant, each of whom shall be directed by Employee not to disclose such information), except as required by law: (i) the underlying facts leading up to or the existence or terms of this Release; and (ii) the amount of any payments or benefits made hereunder.

(c) Subpoenas/Request for Information.  In the event that Employee and/or any Releasor receives a subpoena or any other written or oral request for any Confidential Information, Confidential Materials or any other information concerning the Company or any Releasee, Employee shall, within two (2) business days of the service or receipt of such subpoena or other request (i) notify the Company c/o Michelle Smith, Vice President, Human Resources, or his successor in writing, by email at MSmith@bn.com and (ii) provide a copy of such subpoena or other request if in writing, and/or disclose the nature of the request for information if oral.

(d) Return of Company Property.  Employee also represents and agrees that upon the execution of this Release, Employee has returned to the Company all property of the Company, including without limitation, any keys to the offices or properties of the Company, and Company identification cards, computers, cellular telephones or other equipment.  Employee affirms that Employee is in possession of all of Employee’s property that Employee had at the Company’s premises and that the Company is not in possession of any of Employee’s property.

(e) Enforceability.  Employee acknowledges that the scope of the promises and covenants in this Release is reasonable in light of its narrow focus and the legitimate interests of the Company to be protected.  Employee agrees that if any part of Employee’s covenants or the duration thereof is deemed too restrictive by a court of competent jurisdiction, the court may alter the covenants and/or duration to make the same reasonable under the circumstances, and Employee acknowledges that Employee shall be bound thereby.  If any promises or covenants contained in this Release are determined to be illegal, invalid or unenforceable, then, in the Company’s sole discretion and to the extent permitted by law, it can decide whether to invalidate the remainder of the Release, including whether to continue to pay Employee any remaining portion of the Separation Payment or other benefits, and/or require Employee to repay any or all of the Separation Payment received.

9.            Nondisparagement.  Employee represents and agrees that he/she shall not make any oral, written or electronic defamatory or maliciously disparaging statements or representations of or concerning the Company or any Releasee.  Employee further represents and agrees that Employee has not and will not engage in any conduct or take any actions whatsoever to cause or influence any person or entity, including, but not limited to, any past, present or prospective employee of the Company, to initiate oral, written or electronic defamatory or maliciously disparaging statements or representations of or concerning the Company or any Releasee.

10.            Restrictive Covenants.  In further consideration of the Company’s agreement to pay the Separation Payment pursuant to the terms of this Release, Employee agrees that Employee will not, without the prior written consent of the Company:

(a)            For a period of one year following the Separation Date, solicit, recruit, employ or retain, or induce or cause any other person or entity to solicit, recruit, employ or retain, any person who is employed or retained by the Company or any of its subsidiaries or affiliates, or who was employed or retained by the Company or any of its subsidiaries or affiliates with whom you worked in the course of your employment at any time within one year prior to the Separation Date.

 

 

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(b)            During the Separation Period, or for a period of six (6) months following the Separation Date, whichever is longer, become employed or retained, by any of the following entities or any of their parents, subsidiaries or affiliates:  Books-A-Million, Amazon.com and Apple Inc.

11.            No Future Employment.  Employee hereby waives any right to, and agrees not to seek reinstatement or employment of any kind with the Company, its parents, subsidiaries, or any entity that controls or is under common control with any of the foregoing entities. “Control”, for this purpose means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether through the ownership of voting securities, by contract or otherwise. The existence of this Release shall be a valid, non-discriminatory basis for any Releasee to reject any such application or, in the event Employee obtains such employment or other relationship with any Releasee, for that Releasee to terminate such employment or other relationship.

12.            Breach of Release.  The covenants, representations and acknowledgments made by Employee in this Release shall survive the execution of the Release and the delivery of any installment of the Separation Payment.  The Company or any Releasee shall be excused and released from any obligation to make any part of the Separation Payment or provide any other benefits contained in the Release to the extent permitted by law in the event that (i) Employee has made a material misstatement in or commits any material breach of the terms, conditions or covenants in this Release (in which case Employee or Releasor shall also be liable for any damages suffered by the Company or any Releasee by reason of such breach or misstatement, including, but not limited to, attorneys’ fees); (ii) any part of this Release is determined to be illegal, invalid or unenforceable; or (iii) Employee or Releasor claims in any forum that the Release is illegal, invalid or unenforceable.  Employee understands and acknowledges that if he/she breaches this Release, Employee’s release and waiver of claims contained in this Release remain in full force and effect.

13.            Liquidated Damages.  Employee and the Company agree that it would be impossible or extremely difficult to ascertain the amount of actual damages caused by Employee’s breach of the confidentiality and nondisparagement provisions in this Release.  Therefore, Employee agrees to pay the Company liquidated damages equal to 15% of the Separation Payment for a breach of those sections.  Employee and the Company further acknowledge that these liquidated damages are not intended to be a penalty, but are instead the parties’ estimate of damages to be incurred by the Company in the event of Employee’s breach and that the damages are reasonable in light of and proportionate to the anticipated harm caused by the related breach.  The Company’s election to seek an award of these liquidated damages shall not in any way limit its right to seek injunctive relief in addition to liquidated damages or to seek other remedies for breach of other provisions of this Release.

14.            Entire Agreement.  This Release constitutes the sole and complete understanding and agreement between the Releasee and Releasors with respect to the matters set forth herein and supersedes all prior agreements between the Employee and Company, including the Offer Letter, and there are no other agreements or understandings, whether written or oral and whether made contemporaneously or otherwise (other than any confidentiality agreement that previously may have been entered into, the terms of which will survive execution of this Release).  No term, condition, covenant, representation or acknowledgment contained in this Release may be amended unless made in writing and signed by the Employee and the Company or its successors or assigns.

15.            Governing Law.  The validity, performance and enforceability of this Release shall be determined and governed by the laws of the State of New York, without regard to its conflict of law principles.  The exclusive forum for any action concerning this Release or the transactions contemplated hereby shall be in a court of competent jurisdiction in New York County with respect to a state court, or the United States District Court for the Southern District of New York, with respect to a federal court.  EMPLOYEE HEREBY CONSENTS TO THE EXERCISE OF JURISDICTION OF THE COURT IN THE EXCLUSIVE FORUM SET FORTH IN THIS RELEASE AND WAIVES ANY RIGHT EMPLOYEE MAY HAVE TO CHALLENGE OR CONTEST THE REMOVAL AT ANY TIME BY THE COMPANY TO FEDERAL COURT OF ANY ACTION EMPLOYEE MAY BRING AGAINST IT IN STATE COURT.  EMPLOYEE AND THE COMPANY MUTUALLY WAIVE THEIR RIGHT TO TRIAL BY JURY IN ANY ACTION CONCERNING THIS RELEASE OR EMPLOYEE’S EMPLOYMENT IN GENERAL.

 

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16.            Interpretation of Terms.  The rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be employed in interpreting this Release.  The language of all parts of this Release shall in all cases be construed as a whole, according to its plain meaning, and not strictly for or against any of the parties.  The parties intend for this Release  to be construed or limited in conformity with all applicable laws.

17.            Severability.  Should any provision of this Release be declared illegal or unenforceable by any court of competent jurisdiction and cannot be modified to be enforceable, excluding the general release language, such provision shall immediately become null and void, leaving the remainder of this Release in full force and effect.

18.            Revocation.  By executing this Release, Employee acknowledges and agrees that (i) Employee is hereby advised by the Company to consult with an attorney regarding the terms of and before executing this Release; (ii) the offer set forth in this Release remains open for twenty-one (21) calendar days, during which time the Employee may review, consult with Employee’s counsel and consider whether to sign the Release; (iii) the Release is written in a manner understandable by Employee; and (iv) Employee has been advised that Employee has seven (7) calendar days following execution of this Release to revoke it (“Revocation Period”).  Should Employee return the executed Release in less than twenty-one (21) calendar days, Employee agrees that he/she does so knowingly and voluntarily.  This Release will not be effective or enforceable, and the Separation Payment shall not be paid or delivered by the Company, until Employee signs the Release and the Revocation Period has expired.  If Employee elects to revoke the Release, revocation shall be made by delivering a written notice of revocation to:

	 	 	
Barnes & Noble, Inc.

	 	 	
c/o HR Service Center

	 	 	
1400 Old Country Road,  2nd Floor

	 	 	
Westbury, NY 11590

19.            Voluntary Agreement.  Employee agrees and acknowledges that (i) Employee has had an adequate opportunity to review this Release and all of its terms, and to be represented by counsel; (ii) Employee understands all of the terms of this Release, which are fair, reasonable and are not the result of any fraud, duress, coercion, pressure or undue influence exercised by or on behalf of any Releasee; and (iii) Employee has agreed to and/or entered into this Release and all of the terms hereof, knowingly, freely and voluntarily.

 

 

ACKNOWLEDGED AND AGREED TO BY:

 

 

	 	 	 	 
	 	 	 	 
	
 

	
 

	/s/ Fred Argir 	 
	 	 	Fred Argir	 

	
STATE OF MINNESOTA

	
)

	 
	 	
:  ss.:

	 	 
	
COUNTY OF RAMSEY

	
)

  

On the 6th day of August, 2018, personally came Fred Argir and being known to me to be the individual described in, and who executed the foregoing General Release and Waiver, and duly acknowledged to me their signature above.

 

	 	 	 	 
	 	 	 	 
	
 

	
 

	/s/ Erik M. Wiski	 
	 	 	
Notary Public

	 
	 	 		 

  

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Benefits Addendum

Medical and Dental Benefits

If you have medical and/or dental benefits, your coverage will end August 3, 2018.  You can elect to continue coverage for eighteen (18) months through COBRA by paying the full monthly premium, plus a 2% administration fee described below.

	
2018 Monthly COBRA Premium

Effective 1/1/18 – 12/31/18

	 	
Single

	
Two Member

	
Family

	
Medical - EPO

	
(***)†

	
(***)†

	
(***)†

	
Medical - PPO

	
(***)†

	
(***)†

	
(***)†

	
Dental

	
(***)†

	
(***)†

	
(***)†

However, the Company will subsidize the premium rate for medical and dental coverage during the severance period in the same manner as if you were an active employee of the Company, provided we receive a fully executed, notarized and enforceable Release.  Below is the subsidize premium.

	
2018 Monthly Subsidized Premium

Effective 1/1/18 – 12/31/18

	 	
Single

	
Two Member

	
Family

	
Medical - EPO

	
(***)†

	
(***)†

	
(***)†

	
Medical - PPO

	
(***)†

	
(***)†

	
(***)†

	
Dental

	
(***)†

	
(***)†

	
(***)†

To take advantage of the subsidized rates, you must return your signed Release along with your COBRA election.  The COBRA notice with detailed information regarding your continuation coverage will be mailed to your home address shortly after your termination date. To limit interruption of your benefit continuation, you may email your election form directly to the Benefits Department at BenefitsDepartment@bn.com.

If you choose to continue your coverage after the severance period ends, you will be responsible for payment of the full monthly premium payments, plus a 2% administration fee.

If you become covered by other similar group medical and/or dental coverage including Medicare, your eligibility to continue coverage will cease.  Please notify the Benefits Department when you become covered in another group plan.

Flexible Spending Account (FSA)

If you have a balance in your FSA account, you may be able to continue coverage under FSA COBRA.  You will be notified by the Benefits Department if you are eligible.  Should you choose to elect FSA COBRA continuation, you will be billed for your regular contribution plus a 2% administration fee through the end of the current enrollment period (December 2018).  Healthcare expenses incurred while your participation remains in effect are eligible for reimbursement from your FSA.

Life Insurance

Your group life insurance coverage will be discontinued on August 3, 2018.  You may convert this coverage to an individual policy within thirty-one (31) days of the expiration.  If you are interested in converting your Group Term Life Insurance coverage and you would like rate information, please contact Liberty Mutual Insurance at 1-888-786-2688.

Long-Term Disability

If you are enrolled in long-term disability, coverage will be discontinued on the August 3, 2018.

401(k) Plan

If you participate in the 401(k) Plan, your contributions will cease August 3, 2018. Fidelity will mail materials to your home address that will outline the choices available to you.  For further information, please call Fidelity at (800) 421-3844.

Vacation and Personal Days

You will be paid for all unused and accrued vacation time as well as any unused personal time.

Relocation

You will be eligible for assistance to relocate back to Minnesota (including complete cost of moving household belongings) within six (6) months from August 3, 2018 and reimbursement for four (4) months’ rent for your New York apartment at a rate of $5,500 per month.  If you breach any provision of the Release, you will be required to repay 100% of the relocation costs.

If you have questions on any of the above benefits, you can reach the Benefits Department through the HR Service Center at (800) 799-5335 or directly via email at BenefitsDepartment@bn.com.

 

______________________

 

(***)† This information has been omitted based on a request for confidential treatment. The omitted portions have been separately filed with the Securities and Exchange Commission.

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