Document:

Exhibit 10.1

Exhibit 10.1

AMENDMENT NO. 5 TO EMPLOYMENT AGREEMENT

BETWEEN WESTWOOD ONE, INC. AND NORMAN J. PATTIZ

The following, upon execution by the parties hereto, shall constitute Amendment No. 5, dated
as of June 11, 2009 (the “Fifth Amendment”), by and between Westwood One, Inc. (the “Company”) and
Norman J. Pattiz (“Employee”) to the Employment Agreement, entered into by and between the Company
and Employee, made as of April 29, 1998, as amended by the Amendment to Employment Agreement
between the Company and Employee, dated as of October 27, 2003, by the Amendment No. 2 to
Employment Agreement between the Company and Employee, dated as of November 28, 2005, by the
Amendment No. 3 to the Employment Agreement between the Company and the Employee dated January 8,
2008 and by the Amendment No. 4 to the Employment Agreement between the Company and the Employee
dated December 31, 2008 (as amended, the “Agreement”). Capitalized terms used but not defined
herein have the meaning set forth in the Agreement. The parties hereto agree that the terms of the
Agreement are hereby modified as set forth herein. In the event of a conflict between the terms of
the Agreement and the terms of this Fifth Amendment, the terms of this Fifth Amendment shall
prevail. For the avoidance of doubt, this Agreement shall not supersede the letter to Employee
from David A. Hillman, dated May 25, 2005, regarding the options granted to Employee on December 1,
2003 and December 1, 2004.

	 	1.	 	Section 2 of the Agreement is hereby deleted in its entirety and replaced
with a new Section 2 to read as follows:

“The term of employment shall be extended for an additional period beginning
June 16, 2009 and continuing through June 15, 2011 (the “Extended Term”). In the
event that the Agreement expires effective June 15, 2011 and the Company determines
not to renew the Agreement, the Agreement will be deemed terminated; provided,
however, that the Company will continue to engage Employee as a part-time employee
and/or consultant (at the Company’s option) through November 30, 2015, or such
earlier time as Employee voluntarily terminates his service with the Company (the
“Continued Engagement Period”). The provisions of Section 5 of this Agreement
shall cease to apply to Employee on the earlier to occur of June 15, 2011 and the
effective date of a termination of Employee’s employment prior to the expiration of
the Extended Term. In addition, during the Continued Engagement Period: (i) the
remainder of this Agreement shall no longer be of any force and effect; (ii)
Employee will neither employ, hire or engage, nor offer to employ, hire or engage
nor solicit employment or service, directly or indirectly, of any employee or
consultant of the Company or its related entities or any person or entity under an
exclusive contract in radio with the Company or its related entities to provide
voice talent to the Company or its related entities (a “Voice Talent”); provided,
however, that this clause (ii) shall only apply to employees, consultants and Voice
Talent who were providing services of any kind to the Company or its related
entities on the earlier to occur of June 15, 2011 and the effective date of a termination of Employee’s employment
prior to the expiration of the Extended Term; and (iii) Employee’s outstanding
stock options will continue to vest until the end of the Continued Engagement
Period.”

 

 

 

	 	2.	 	Subject to the approval of the Board of Directors (or any committee with
authority delegated by the Board of Directors), the Company shall grant stock options
to Employee in an amount equating to approximately 0.50% of the total outstanding
equity of the Company. Such stock options shall be issued concurrently with the
issuance of stock options to the Company’s senior management team following the
Company’s Special Stockholders Meeting to be held on June 26, 2009, shall have an
exercise price equal to the fair market value of the Company’s common stock on the
date of issuance and shall have vesting, termination and other terms comparable to
those issued to the Company’s senior management team.

	 
	 	3.	 	In connection with the negotiation and preparation of this Fifth Amendment,
the Company will reimburse Employee for the reasonable attorneys’ fees (for time
actually billed) incurred by Employee.

	 
	 	4.	 	In the event the Company formally rejects a program that is submitted to it,
Employee will have the right to negotiate a programming deal for himself with respect
to such formally rejected content, provided that Employee shall provide the Company
with a right of first refusal to distribute such programming, which right of first
refusal may be exercised by the Company by providing written notice to Employee no
later than 30 days after receiving the right of first refusal from Employee. All
notices and submissions made to the Company in accordance with this paragraph 4 shall
be made by written notice delivered to the attention of both Rod Sherwood and Mark
Stone.

[End of text — signature page follows]

 

2

 

IN WITNESS WHEREOF, this Fifth Amendment is EXECUTED as of the date first above written, to be
EFFECTIVE FOR ALL PURPOSES as of said date.

	 	 	 	 	 
	 	WESTWOOD ONE, INC.

 	 
	 	By:  	/s/ David Hillman
 	 
	 	 	Printed Name:  	David Hillman 	 
	 	 	Title:  	CAO and GC 	 
	 
	 	EMPLOYEE

 	 
	 	/s/ Norman J. Pattiz
 	 
	 	Norman J. Pattiz 	 
	 	 	 
	 

 

3Exhibit 10.2

Exhibit 10.2

AMENDMENT NO. 4

TO EMPLOYMENT AGREEMENT BETWEEN

WESTWOOD ONE, INC. AND NORMAN J. PATTIZ

AMENDMENT No. 4 (“Amendment”) made to the Employment Agreement dated as of April 29, 1998, as
amended (the “Employment Agreement”), by and between Westwood One, Inc., a Delaware corporation
(the “Company”), and Norman J. Pattiz (the “Employee”). Except as provided herein all terms and
conditions set forth in the Employment Agreement shall remain in full force and effect.

WHEREAS, the Company and the Employee have previously entered into the Employment Agreement;
and

WHEREAS, the Company and the Employee desire to amend the Employment Agreement in a manner
intended to address Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).

NOW, THEREFORE, effective December 31, 2008, the Employment Agreement is hereby amended as
follows:

1. Section 3.1 of the Employment Agreement is hereby amended by adding the following sentence
to the end thereof:

“Any bonus will be payable in accordance with the Company’s normal
payroll practices in the year following the year for which it is earned.”

2. The first two sentences of Section 3.3 of the Employment Agreement are hereby amended as
follows:

“Subject to Section 12 hereof, the Company will continue Employee’s
compensation (base salary and cash incentive compensation) at the full
rate in equal bi-monthly installments for a period of twelve (12) months
after Employee is declared permanently and totally disabled (including by
reason of Employee’s death) and unable to perform the duties of Chairman
of the Board of the Company. Thereafter, subject to Section 12 hereof,
the Company will pay to Employee seventy-five percent (75%) of Employee’s
annual salary, payable in equal bimonthly installments, for the remainder
of the Extended Term.”

3. Section 6.2(a) of the Employment Agreement is hereby amended in its entirety as
follows:

“Upon thirty (30) days’ advance written notice, Employee may terminate
this Agreement if it is materially breached by the Company and such
breach is not cured (to the extent such breach is curable) by the Company within thirty (30) days after its
receipt of such written notice.”

 

 

 

4. Section 8.5(b) of the Employment Agreement is hereby amended in its entirety as follows:

“If after the occurrence of any Event of Change, (i) the Company
terminates this Agreement and Employee terminates his employment by
written notice thirty (30) days thereof (and such termination of this
Agreement is not cured by the Company within thirty (30) days after its
receipt of such notice), or (ii) the Company terminates the employment
of Employee, Employee (or his estate) shall continue to receive, (in
addition to the rights described in Section 8.5(a) above and without
waiver or prejudice to any other rights or remedies Employee may have by
virtue of any improper termination), the salary compensation (base salary
and cash incentive compensation) for the remainder of the Extended Term
in accordance with Section 3.1.”

5. The following new Section 12 is hereby added to the Employment Agreement:

“12. Code Section 409A.

(a) Although the Company does not guarantee the tax treatment of any
particular payment or benefit paid in accordance with the terms and
conditions of this Agreement, it is intended that the provisions of this
Agreement provide for payments or benefits that either comply with, or
are exempt from, Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”) and the regulations and guidance promulgated
thereunder (collectively “Code Section 409A”), and all provisions
of this Agreement shall be construed, interpreted and applied in a manner
consistent with the requirements for avoiding taxes or penalties under
Code Section 409A.

(b) A termination of employment shall not be deemed to have occurred for
purposes of any provision of this Agreement providing for the payment of
any amounts or benefits upon or following a termination of employment
unless such termination is also a “separation from service” within the
meaning of Code Section 409A and, for purposes of any such provision of
this Agreement, references to a “termination,” “termination of
employment,” or like terms shall mean “separation from service, to the
extent a payment or benefit is

 

 

 

deferred compensation subject to Code Section 409A.” If Employee is
deemed on the date of termination of his employment to be a “specified
employee”, within the meaning of that term under Code Section
409A(a)(2)(B) and using the identification methodology selected by the
Company from time to time, or if none, the default methodology, then with
regard to any payment or the providing of any benefit made subject to
this Section 12(b), to the extent required to be delayed in compliance
with Code Section 409A(a)(2)(B), and to the extent such payment and
benefits exceed the Separation Pay Limit (as defined herein), such
payment or benefit shall not be made or provided prior to the earlier of
(i) the expiration of the six-month period measured from the date of
Employee’s “separation from service” and (ii) the date of Employee’s
death. On the first day of the seventh month following the date of
Employee’s “separation from service” or, if earlier, on the date of his
death, all payments delayed pursuant to this Section 12(b) (whether they
would have otherwise been payable in a single sum or in installments in
the absence of such delay) shall be paid or reimbursed to Employee in a
lump sum, and any remaining payments and benefits due under this
Agreement shall be paid or provided in accordance with the normal payment
dates specified for them herein. For purposes of this Agreement, the
“Separation Pay Limit” means two times the lesser of: (i)
Employee’s annualized compensation based on Employee’s annual rate of pay
for Employee’s taxable year preceding the taxable year in which
Employee’s termination of employment occurs; and (ii) the maximum amount
that may be taken into account under a tax-qualified plan pursuant to
Code Section 401(a)(17) for the year in which Employee terminates
employment.

(c) If under this Agreement, an amount is to be paid in two or more
installments, for purposes of Code Section 409A, each installment shall
be treated as a separate payment.

 

 

 

(d) With regard to any provision herein that provides for reimbursement
of costs and expenses or in-kind benefits, except as permitted by Code
Section 409A, (i) the right to reimbursement or in-kind benefits shall
not be subject to liquidation or exchange for another benefit, (ii) the
amount of expenses eligible for reimbursement, or in-kind benefits,
provided during any taxable year shall not affect the expenses eligible
for reimbursement, or in-kind benefits to be provided, in any other
taxable year and (iii) such payments shall be made in accordance with the
Company’s policy but in no event later than the last day of the
Employee’s taxable year following the taxable year in which the expense was incurred.”

[Signature page follows]

 

 

 

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed this
30th day of December 2008.

	 	 	 	 	 	 	 
	 	 	EXECUTIVE	 	 
	 
	 
	 	/s/ Norman J. Pattiz	 	 
	 	 	 	 	 
	 	 	Norman J. Pattiz	 	 
	 
	 	 	 	 	 	 
	 	 	WESTWOOD ONE, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ David Hillman	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: David Hillman	 	 
	 

	 	 	 	Title: CAO and GC

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