Document:

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                                                                    Exhibit 10.7

                              AMENDED AND RESTATED
                              EMPLOYMENT AGREEMENT

     AGREEMENT, dated as of April 1, 2000, between INTEREP NATIONAL RADIO SALES,
INC., a New York corporation (the "Company"), and MARC G. GUILD ("Guild").

                              W I T N E S S E T H:
                               -------------------

     WHEREAS, the Company and Guild are parties to an Employment Agreement,
dated as of January 1, 1991, and amended as of June 29, 1998 (as so amended and
restated, the "Original Agreement"); and

     WHEREAS, the Company and Guild wish to amend and restate the Original
Agreement in order to extend its term and to make certain other changes;

     NOW, THEREFORE, in consideration of the mutual agreements set forth below,
the parties agree that the Original Agreement is amended and restated to read as
follows:

     1. Employment

     (a) Term. Subject to the terms and conditions of this Agreement, the
Company employs Guild, and Guild agrees to serve, as President-Marketing
Division of the Company for a term commencing on the date hereof and ending on
March 31, 2005, unless extended as provided in the following sentence (the
"Term"). On April 1, 2001 and each following April 1 during the Term, the Term
shall automatically be extended for one additional year, unless the Company or
Guild notifies the other on or before the immediately preceding March 1 that the
Term is not to be so extended. For example, (i) if no such notice is given on
March 1, 2001, the Term would automatically be extended by one year and would
end on March 31, 2006 (unless subsequently extended) or (ii) if such notice is
given by the Company or Guild on March 1, 2001, the Term would end on March 31,
2005 and the Consulting Period (as defined in Section 1(c)) would begin on the
following day.

     (b) Duties. Guild shall report directly to Ralph C. Guild, Chief Executive
Officer of the Company. The Company shall use its best efforts to cause Guild to
be elected a director of the Company at all times during the Term. Guild shall
perform his duties to the best of his ability and shall devote substantially all
of his business time, energies and skills to such duties, subject to the
understanding that he has various investments which may, from time to time,
require his attention, but which shall not interfere with the performance of his
duties to the Company.

     (c) Consulting. If the Company gives Guild notice pursuant to Section 1(a)
that the Term of this Agreement is not to be extended, the Company shall retain
Guild as a consultant for a period of two years beginning on the day after the
last day of the Term (the "Consulting Period"). During the Consulting Period,
Guild shall provide the Company with such advice, assistance and services
regarding any aspect of the Company's business and affairs as the Company and
Guild shall from time to time agree. During the Consulting Period, the Company
shall pay

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Guild annual consulting fees in an amount equal to Guild's base salary under
Section 2(a) in effect at the end of the Term, the Company shall provide him
with the health, hospitalization and welfare benefits referred to in Section 3,
and the provisions of Section 4 (other than those respecting vacations) shall
apply. The Company shall pay such consulting fees to Guild in equal semi-monthly
installments or, if Guild requests the Company in writing at any time, the
Company shall pay to Guild an amount equal to the total consulting fees payable
during the Consulting Period (or then remaining balance thereof) discounted at
the discount rate (as defined in Section 7(b)) to present value as of the date
of such request. Any such accelerated payment shall not relieve Guild of his
obligation to perform the consulting services contemplated by this Section 1(c).

     2. Base Salary and Incentive Bonus. During the Term, the Company shall pay
Guild a base salary of not less than $360,000 per year ("base salary"), payable
in equal semi-monthly installments. In addition, Guild shall be entitled to
receive a minimum incentive bonus of $90,000 (the "Incentive Bonus") in respect
of each year during the Term, if the Company and/or Guild achieves the
performance goals for that year which are established by the Company's Chief
Executive Officer and Guild prior to the beginning of that year. The Incentive
Bonus for each year shall be payable in quarterly installments, based on the
Company's best estimates of actual performance against performance goals. The
foregoing shall not preclude Guild from receiving salary increases or awards of
bonuses, incentive or other types of additional compensation (in addition to the
Incentive Bonus) which the Company in its sole discretion may wish to pay.

     3. Benefit Plans. Guild shall be entitled to participate in all employee
fringe benefit plans and policies that the Company may make available to, or
have in effect for, its senior executives from time to time, including, without
limitation, health, hospitalization and welfare benefits, pension,
profit-sharing and similar plans, stock option, incentive compensation, savings,
investment, retirement and supplemental benefit plans, in each case subject to
the eligibility and other provisions of any such plan or policy. Nothing in this
Section 3 shall require the Company to institute or make available to Guild any
particular benefit plan or policy.

     4. Expenses; Vacations; Facilities. Guild shall be entitled to incur on
behalf of the Company reasonable and necessary expenses in connection with the
performance of his duties and in accordance with the customary practice of the
Company. The Company shall reimburse Guild for any such expenses paid by him.
Whenever Guild is required to travel in connection with his duties, he may
arrange for his wife to accompany him and for the Company to reimburse him for
the related cost. During each 12-month period during the Term, Guild shall be
entitled to paid vacation in accordance with his status and the policies of the
Company regarding paid vacation time for its senior executives. During the Term
and any Consulting Period, the Company shall provide Guild with all reasonable
secretarial assistance and office and technical facilities necessary for the
performance of his duties hereunder and suitable to his position.

     5. Temporary Disability. If, during the Term, Guild becomes disabled,
through illness or otherwise, from performing his duties hereunder, he shall be
entitled to a leave of absence for up to six consecutive months. The Company
shall continue to pay Guild's compensation during any such leave of absence. If
such disability continues beyond such period, it shall be deemed to be a
permanent disability subject to the provisions of Sections 6(b) and 7(a).

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     6. Rights of Termination.

     (a) Termination for Cause by the Company. The Company shall have the right
to terminate Guild's employment forthwith for cause, limited to (i) an action by
Guild involving willful malfeasance or gross negligence or (ii) Guild's
incapacity to perform the duties called for under this Agreement by reason of
the abuse of alcohol or drugs.

     (b) Permanent Disability; Death. If Guild is disabled through illness or
otherwise from performing his duties hereunder for a period in excess of six
consecutive months, so that such disability is deemed to be a permanent
disability the Company shall have the option, exercisable on written notice to
Guild and only so long as such disability continues, to terminate his employment
under this Agreement. Any such termination shall be effective as of the end of
the month in which such written notice is given to Guild. If Guild dies, the
Term shall end on the date of his death.

     (c) Termination for Cause by Guild. Guild shall have the right, exercisable
within six months after the occurrence of any of the following events, to
terminate his employment under this Agreement on delivery of 30 days' written
notice thereof to the Company:

          (i) if the Company violates this Agreement in any material respect,
     and such violation is not cured within 15 days of Guild's written notice
     thereof to the Company;

          (ii) if Guild is not re-elected or re-appointed to the office of
     President-Marketing Division, other than by his own choice, by reason of
     his permanent disability, or is removed from such office, other than for
     reasons justifying termination by the Company under Section 6(a);

          (iii) if Guild ceases to be a member of the Board of Directors of the
     Company, other than by his own choice, by reason of his permanent
     disability or for reasons justifying termination under Section 6(a); or

          (iv) in the event of a change of control of the Company as a result of
     (A) a contest for the control of the Company, (B) the consolidation of the
     Company with, or merger of the Company into, any other corporation, (C) the
     acquisition of the Company, of a controlling interest in the Company or of
     all or substantially all of the assets of the Company by another person,
     (D) the cessation of the corporate existence of the Company or failure to
     continue such existence in full force and effect as a result of any cir
     cumstances or (E) any other circumstances which are deemed to constitute a
     change of control under the terms of any stock option granted by the
     Company to Guild.

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     7. Effects of Termination.

     (a) Termination for Permanent Disability. If Guild's employment terminates
under Section 6(b) on account of Guild's permanent disability, the Company shall
continue to pay (or cause to be paid) to Guild, for the remainder of the Term
(the "Remainder Term"), in equal semi-monthly installments, 75% of his then
current salary, plus 75% of Guild's then current Incentive Bonus, whether or not
the related performance goals have been achieved, less the aggregate amount of
all income disability benefits which he may receive or to which he may be
entitled for such period by reason of (i) any group health insurance plan which
is intended to function as a salary replacement plan, (ii) any applicable
compulsory state disability law, (iii) the Federal Social Security Act, (iv) any
applicable workmen's compensation law or similar law and (v) any disability plan
to which the Company or any of its affiliates has contributed or for which it
has made payroll deductions, other than those which reimburse for actual medical
expenses.

     (b) Payment on Termination by Reason of Death or by Guild for Cause. If
Guild dies during the Term or the Remainder Term, or if Guild elects to
terminate his employment hereunder pursuant to Section 6(c), (i) the Company
shall continue to pay (or cause to be paid) to Guild or his designated
beneficiary (or, if no beneficiary has been designated, his estate), for the
Remainder Term, in equal semi-monthly installments, the base salary that would
have been payable to Guild during the Remainder Term pursuant to Section 2(a)
had Guild's employment not been terminated, plus 75% of Guild's then current
Incentive Bonus, whether or not the related performance goals have been
achieved, and (ii) after the Remainder Term, if Guild elected to terminate his
employment hereunder pursuant to Section 6(c), the Company shall also pay during
the Consulting Period the consulting fees that would have been payable during
the Consulting Period as if the Company had elected not to extend the Term
pursuant to Section 1(a). If, however, Guild or his designated beneficiary or
estate so requests the Company in writing at any time after Guild's election to
terminate his employment pursuant to Section 6(c) or Guild's death, the Company
shall pay to him or his designated beneficiary (or, if no beneficiary has been
designated, his estate), an amount equal to the total base salary and Incentive
Bonus and, if applicable, consulting fees, otherwise owing pursuant to the
preceding sentence, discounted at the Discount Rate (as defined below) to its
present value as of the date of such request (the "Notice Date"). The Company
shall pay such amount in a lump sum not later than 30 days after the Notice
Date. "Discount Rate" means the yield to maturity, as determined on the Notice
Date, on U.S. Treasury obligations having an original maturity comparable to the
Remainder Term plus, if applicable, the Consulting Period. Guild may waive his
right to receive all or part of any payment otherwise owing pursuant to this
Section 7(b) by written notice to the Company and may also elect to receive a
portion of any payments owing to him pursuant to this Section 7(b) on the
installment basis referred to in the first sentence of this Section 7(b) and a
portion on the lump sum basis referred to in the second sentence hereof.

     (c) General. Except as otherwise set forth in Sections 7(a) and 7(b),
Guild's right to receive the base salary provided for in Section 2(a) shall
cease on the effective date of any termination of his employment under Section
6, nor shall he have any right to any Incentive Bonus in respect of the year in
which termination occurs, unless it occurs as of December 31 of such year.
Termination of Guild's employment under any provision of this Agreement shall
not affect the right

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of Guild or his designated beneficiary or estate to receive benefits accrued to
him through the date of such termination under this Agreement or any employee
benefit plan of the Company in which he is then participating; provided,
however, that the rights of Guild or his designated beneficiary or estate under
any such plan and any termination of his participation thereunder shall be
governed by the terms of such plans as then in effect. All payments and rights
under Sections 7 (a) and 7(b) shall be in lieu of any other amounts Guild (or
his estate) might be entitled to receive under this Agreement for any breach
hereof by the Company. Payments under Sections 7(a) or 7(b) shall not affect
Guild's right to receive any severance payments or other benefits to which he is
entitled in accordance with the Company's policy. At Guild's request at any time
prior to the termination of his employment hereunder, the Company shall provide
him with such reasonable security as Guild shall reasonably request to secure
payment of all amounts payable to him after such termination, such as a bank
letter of credit, bond or security interest in a portion of the Company's
assets.

     8. Confidentiality. All information possessed by Guild relative to the
activities of the Company which is of a secret or confidential nature, including
business plans, sales or marketing data, financial data, developments and
administrative procedures, is the property of the Company. Guild shall not,
during the Term and any Remainder Term, disclose any such information to others
not in the employ of the Company or its subsidiaries or use it for his benefit
or that of any third party. Nothing herein shall prevent Guild, subsequent to
the termination of his employment hereunder, from using and availing himself of
his general skill, knowledge and experience, including that pertaining to or
derived from the non-confidential aspects of the business of the Company.

     9. Non-Competition. During the Term , any Remainder Term with respect to
which he is receiving payment hereunder and any Consulting Period, Guild shall
not, anywhere in the United States of America, without the consent of the Board
of Directors of the Company:

     (a) engage in any national radio sales representation business on behalf of
any party other than the Company and its subsidiaries;

     (b) solicit business from or represent any client of the Company or any of
its subsidiaries in connection with national radio sales representation; or

     (c) offer employment to or hire any employee of the Company or any of its
subsidiaries.

     10. Notices. Any notice given by either party to the other shall be in
writing and delivered by personal delivery or registered or certified mail,
return receipt requested, addressed to Guild at his address of record with the
Company, or to the Company at is principal office, as the case may be, or, in
either case, at such other place as Guild or the Company may from time to time
designate in writing. The date of personal delivery or the date of mailing any
such notice shall be deemed to be the date of delivery thereof.

     11. Prior Agreements; Amendments. This Agreement constitutes the entire
agreement between the Company and Guild with regard to its subject matter and
merges and supersedes any employment understandings or agreements which may have
been previously made

                                      -5-

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between the Company and Guild, including, without limitation, the Original
Agreement. This Agreement may not be changed, waived, discharged or terminated
orally, but only by an instrument in writing, signed by the party against which
enforcement of such change, waiver, discharge or termination is sought.

     12. Parties in Interest. Neither this Agreement nor any rights or
obligations hereunder may be assigned by one party without the consent of the
other, except that this Agreement (a) shall be binding on and inure to the
benefit of any successor of the Company whether by merger, consolidation, sale
of assets or otherwise, and references to the Company shall be deemed to include
any such successor, and (b) to the extent provided herein, shall be binding on
and inure to the benefit of the estate, heirs, designated beneficiaries or
personal representatives, if any, of Guild, and references to Guild shall be
deemed to include such estate, heirs, designated beneficiaries or personal
representatives. Any designation by Guild of a beneficiary to receive payments
hereunder in the event of Guild's death or permanent disability, and any change
in such designation, shall be made by written notice from Guild to the Company.

     13. Severability. If any provision of this Agreement is held invalid,
illegal or unenforceable by a court or tribunal of competent jurisdiction, the
remainder of this Agreement shall not be affected thereby, and such provision
shall be carried out as nearly as possible according to its original terms and
intent to eliminate such invalidity or unenforceability. In this regard, the
parties agree that the provisions of Section 9, including, without limitation,
the scope of the territorial and time restrictions, are reasonable and necessary
to protect and preserve the Company's legitimate interests. If the provisions of
Section 9 are held by a court of competent jurisdiction to be in any respect
unreasonable, then such court may reduce the territory or time to which it
pertains or otherwise modify such provisions to the extent necessary to render
such provisions reasonable and enforceable.

     14. Miscellaneous. This Agreement may be executed in multiple counterparts,
each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. Headings used in this Agreement are for
convenience only and shall not be used in the interpretation of this Agreement.
References to Sections are to the sections of this Agreement. 15. Governing Law.
This Agreement shall be governed by and construed and enforced in accordance
with the laws of the State of New York applicable to agreements made and fully
to be performed therein by residents thereof.

     15. Governing Law. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of New York applicable to
agreements made and fully to be performed therein by residents thereof.

     16. Arbitration. Any dispute arising out of or relating to any provision of
this Agreement or to the parties' performance of any of their respective
obligations hereunder shall be resolved before a single arbitrator chosen in
accordance with the Rules of the American Arbitration

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Association as at the time in effect New York, New York. The arbitration shall
take place in New York, New York in accordance with such Rules.

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first set forth above.

                                              INTEREP NATIONAL RADIO SALES, INC.

                                               By  /s/ William J. McEntee, Jr.
                                                   -----------------------------
                                                     William J. McEntee, Jr.,
                                                        Vice President

                                                   /s/ Marc G. Guild
                                                   -----------------------------
                                                       MARC G. GUILD

                                      -7-<PAGE>

                                                                   Exhibit 10.23

                       INTEREP NATIONAL RADIO SALES, INC.

                           NON-QUALIFIED STOCK OPTION
                      CLASS B COMMON STOCK - 3 YEAR VESTING

Optionee:                 Ralph Guild

Grant Date:               April 25, 2000

Option Shares:            125,000

Option Price:             $2.81 per share

     Interep National Radio Sales, Inc. (Interep, we or us), grants to the
Optionee named above (you) a stock option (the Option) to purchase from us the
number of shares stated above (the Option Shares) of Interep's Class B Common
Stock (the `Common Stock'). The purchase price to be paid on each exercise of
this Option is stated above (the `Option Price') and is the fair market value of
a share of Common Stock on the date of this Option, as determined by the
Compensation Committee of our Board of Directors (the `Committee'). This Option
has been granted on the date stated above (the `Grant Date'), under our 1999
Stock Incentive Plan (the `Plan'), and is subject to the following terms and
conditions:

     1. Non-Qualified Option. The Option is a `non-qualified stock option', as
described in Treasury Regulation 1.83-7 under the Internal Revenue Code of 1986,
as amended (the `Code').

     2. Vesting.

     (a) General. You will be able to exercise this Option only to the extent it
is vested. Beginning on the first anniversary of the Grant Date, you will be
entitled to exercise this Option with respect to one-third of the total Option
Shares. On each of the next two anniversaries of the Grant Date, you will be
entitled to exercise this Option with respect to an additional one-third of the
total Option Shares. In order for this Option to vest on any date referred to
above, you must be employed by Interep or one of its subsidiaries on that date.
The Committee may, in its discretion, modify, waive or eliminate such vesting
requirements.

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     (b) Change in Control. Notwithstanding the provisions of Section 2(a), this
Option will automatically become fully vested and exercisable in the event of a
"Change in Control", which means the occurrence of any of the following events:

          (i) any "person," including a "group" (as such terms are used in
     Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934 (the
     `Exchange Act'), but excluding us, our `Affiliates' (that is, any of our
     subsidiaries or any parent corporation), or any of our or our Affiliates'
     employee benefit plans or employees or any group of which any of the
     foregoing is a member, is or becomes the "beneficial owner" (as defined in
     Rule 13(d)(3) under the Exchange Act), directly or indirectly, of our
     securities representing 30% or more of the combined voting power of our
     then outstanding securities;

          (ii) during any period of 24 consecutive months, individuals (A) who
     on November 24, 1999 constituted our entire Board of Directors ("Initial
     Directors") or (B) whose election, appointment or nomination for election
     was approved prior to such election or appointment by a vote of at least
     two-thirds of the Initial Directors who were in office immediately prior to
     such election or appointment, cease for any reason to constitute at least a
     majority of the Board of Directors;

          (iii) the consummation of a merger, business combination, share
     exchange, division or other reorganization of us with any other
     corporation, and following such transaction (A) a majority of the directors
     of the surviving entity are persons who (I) were not members of our Board
     of Directors immediately prior to the merger or other combination and (II)
     are not our nominees or representatives, (B) our shareholders immediately
     prior to such merger or combination beneficially own, directly or
     indirectly, less than 60% or more of the combined voting power of the
     surviving corporation, as well as 60% or more of the total market value of
     its outstanding equity securities, in substantially the same proportion as
     they owned the combined voting power of Interep, (C) any "person,"
     including a "group" (each as defined in clause (i) above), but excluding
     us, our Affiliates, or any of our or our Affiliates' employee benefit plans
     or employees or any group of which any of the foregoing is a member, is or
     becomes the "beneficial owner" (as defined in Rule 13(d)(3) under the
     Exchange Act), directly or indirectly, of securities representing 30% or
     more of the combined voting power of the surviving corporation or (D) in
     the case of a division, 60% or more of the combined voting power of the
     outstanding voting securities of each entity resulting from the division as
     well as 60% or more of the total market value of each such entity's
     outstanding equity securities, in each case in substantially the same
     proportion as such shareholders owned shares of Interep prior to such
     transaction;

          (iv) the consummation of a direct or indirect sale or other
     disposition of all or substantially all of our assets;

          (v) We adopt any plan of liquidation providing for the distribution of
     all or substantially all of our assets;

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          (vi) any other change in control of us of a nature that would be
     required to be reported in response to Item 6(e) of Schedule 14A of
     Regulation 14A under the Exchange Act; or

          (vii) any other event or transaction that is declared by resolution of
     the Committee to be a Change in Control for purposes of the Plan.

          3. Exercise Period. Once vested, this Option will remain exercisable
     until the close of business on the 10th anniversary of the Grant Date (the
     `Termination Date'), unless sooner terminated as provided below.

          4. Method of Exercise; Shares Issuable On Exercise.

          (a) Exercise. Subject to the provisions of this Option, you may
     exercise any vested portion of it at any time by written notice to us. Your
     notice must state the number of Option Shares with respect to which you
     wish to exercise the Option. Your notice must also be accompanied by your
     full payment of the Option Price for the shares to be purchased, payable
     (i) by a certified or bank cashier's check payable to our order, (ii) if
     the Committee permits, in its sole discretion, by your tender of shares of
     Common Stock having a fair market value on the exercise date equal to the
     Option Price for the shares to be purchased or (iii) by any other means
     acceptable to us.

          (b) Delivery of Stock Certificate. After receipt of your notice, we
     will, as promptly as is practicable, deliver to you a certificate for the
     Option Shares purchased by you (less any withholdings referred to in
     Section 4(c)). We will deliver the certificate to you at our principal
     offices or at such other place as is mutually acceptable, or we may elect
     to deliver it to you by certified mail. You will not be charged with any
     expense or transfer tax in this connection.

          (c) Withholdings. On any exercise of this Option, we will have the
     right (i) to withhold an appropriate number of shares of Common Stock
     (based on their fair market value on the date of exercise) for payment of
     any taxes required by law, (ii) to deduct from any amounts otherwise
     payable to you any amounts required to be withheld from you on account of
     your exercise or (iii) to take such other action as may be necessary in our
     opinion to satisfy all withholding tax obligations. You understand that you
     will be solely responsible for the federal, state and local income tax
     consequences applicable to you on the grant and exercise of this Option and
     your subsequent disposition of any Option Shares.

          (d) Securities Law Matters. The issuance of the Option Shares and
     their disposition will be subject to such restrictions as are, in the
     opinion of our counsel, required to comply with the Securities Act of 1933
     and the rules and regulations thereunder. If our counsel deems it
     advisable, the certificates representing the Option Shares will bear a
     legend to such effect. If we request, on any exercise of this Option, you
     will deliver to us a written representation that you are acquiring the
     Option Shares solely for your own account for investment and not with a
     view to, or for resale in connection with, any distribution thereof. We may
     postpone the delivery of certificates for the Option Shares if we deem it
     necessary or desirable to enable us to comply with the requirements of any
     applicable securities laws or regulations.

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     5. Transferability of Option. During your lifetime, only you may exercise
this Option. You may not transfer this Option or any right under it other than
by will or the laws of descent and distribution (see Section 6). This Option
will not be subject to attachment, execution or other similar process. This
Option will terminate and become null and void if you assign, transfer, pledge
or otherwise dispose of it or any right under it, or attempt to do so, except as
permitted above, or if there is any levy, attachment, execution or similar
process made on it or any right thereunder. Notwithstanding the foregoing, you
will have the right to transfer this Option during your lifetime to any trust or
other entity for the benefit of your spouse or your descendants.

     6. Termination of Option.

     (a) Termination or Retirement. If we (or any if our subsidiaries) terminate
your employment for any reason other than for `cause' (as we determine in our
sole discretion) and other than as a result of your death or `disability'
(within the meaning of Section 22(e)(3) of the Code), or if you retire from our
employment on or after age 65, you may exercise this Option during the 30 days
following the date of such termination and only to the extent that this Option
is vested as of such date. This Option will be null and void thereafter.

     (b) Death or Disability. If your employment is terminated as a result of
your death or `disability' (within the meaning of Section 22(e)(3) of the Code),
this Option may be exercised during the one year following the date of
termination and only to the extent that this Option is vested as of such date.
This Option will be null and void thereafter. In such event, this Option may be
exercised by your beneficiaries so designated in writing or the legal
representative of your estate, in the case of your death, or by you or your duly
authorized representative, in the case of your disability. If you transfer this
Option to one or more trusts for the benefit of your spouse or your descendants,
the trustees of any such trusts may exercise this Option pursuant to this
Section 6(b).

     (c) Termination for Cause or Voluntary Termination. If we (or any if our
subsidiaries) terminate your employment for `cause' (as we determine in our sole
discretion) or if you resign or otherwise voluntarily terminate your employment
with us, this Option will become null and void as of the date of such
termination.

     (d) No Exercise Beyond Termination Date. This Option may not be exercised
at any time after the Termination Date under any circumstances.

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     7. Forfeiture.

     (a) Forfeiture. In addition to any other remedies which we may have, if at
any time (i) when this Option is outstanding or (ii) within one year after the
termination of your employment, you engage in:

          (A) Competitive Conduct (as defined in Section 7 (b)) or a violation
     of the confidentiality obligations set forth in Section 7(c);

          (B) conduct which results in the termination of your employment for
     cause;

          (C) improper or unlawful conduct related to us or your employment for
     which either criminal or civil penalties against you may be sought; or

          (D) any other conduct which we determine is detrimental, injurious or
     prejudicial to any of our interests;

then (I) this Option, if still outstanding, will immediately terminate and (II)
you will pay to us any gain realized by you on any exercise of this Option, and
on any sale or other disposition of the resulting Option Shares, which occurred
during the two years immediately preceding the conduct referred to above. If you
are obligated to us under the preceding sentence, we will have the right, in our
sole discretion, to deduct from any compensation or other amounts owed by us or
any of our subsidiaries to you the full amount owed to us by you. You will pay
to us any amount which is not set-off promptly on our demand.

     (b) Competitive Conduct. For purposes of this Section 7, `Competitive
Conduct' means any of the conduct described in clauses (i) through (v) below,
whether engaged in directly or indirectly, in the United States (or in such
lesser area or for such lesser period as may be determined by a court of
competent jurisdiction to be a reasonable limitation on your competitive
activity), other than on our behalf:

          (i) engaging in the business of national spot radio advertising
     representation or placement services for any radio station or radio station
     group;

          (ii) soliciting or attempting to solicit national spot advertisement
     or placement services business from any radio station or radio station
     group which is or was a client of ours or any of our subsidiaries;

          (iii) otherwise diverting or attempting to divert from us or any of
     our subsidiaries any national spot radio advertising representation or
     placement business;

          (iv) soliciting or attempting to solicit for any business endeavor any
     of our or our subsidiaries' employees; or

                                      -5-

<PAGE>

          (v) rendering any services as an officer, director, employee, partner,
     consultant or otherwise to, or having any interest as a stockholder,
     member, partner, lender or otherwise in, any person or entity which is
     engaged in the activities described in clauses (i) through (iv) of this
     Section 7(b).

     (c) Confidentiality. At all times after the Grant Date, you will keep
secret and not disclose to anyone not employed by us, or use for any purpose
other than our legitimate business, any of our or our clients' information which
we or our clients treat as confidential, whether or not marked as such. Your
obligations under this paragraph will not apply to any information if it is or
becomes public knowledge as a result of causes other than your acts or
omissions.

     (d) Survival. The provisions of this Section 7 will survive the expiration
or termination of this Option.

     8. No Right to Continued Employment. We specifically reserve our right (and
the right of any of our subsidiaries) to terminate your employment at any time
at will (or as otherwise provided in a written agreement with you), and such
right will not in any way be affected by the grant of this Option.

     9. Adjustments.

     (a) Splits, etc. The number of shares of our outstanding Common Stock could
change by reason of a stock split, reverse stock split, stock dividend,
combination or reclassification of shares, recapitalization or other event
changing the number of shares without receipt of consideration by us. In that
case, the number of Option Shares and the Option Price will be appropriately and
proportionally adjusted as determined by the Committee. Such determination will
be conclusive absent manifest error.

     (b) Changes in Shares. We may effect a capital reorganization or a
reclassification of the Common Stock into securities other than shares of Common
Stock, or we may merge or consolidate with another corporation. In that case,
appropriate steps will be taken by the Committee, in its sole discretion, so
that you will have the right to receive on exercise of this Option, to the
greatest extent possible, the securities or property (including any contingent
or deferred payments) issued or issuable with respect to the shares of Common
Stock which you then had the right to receive on exercise of this Option. This
Option will be binding on and inure to the benefit of any successor of Interep
by merger or consolidation.

     (c) Equitable Adjustments. If there is any other change affecting the
Common Stock or any distribution (other than normal cash dividends) to holders
of Common Stock, the Committee will make such adjustments as it deems equitable
to give proper effect to such event.

     10. No Rights as Shareholder. You will not have any right to receive
dividends or any other rights of a shareholder with respect to any Option
Shares, unless and until we issue to you a certificate for such shares on the
exercise of this Option.

                                      -6-

<PAGE>

     11. Notices. Each notice relating to this Option must be in writing and
delivered in person, by a nationally recognized overnight courier or by
certified mail to the proper address. All notices to us must be addressed to us
at our offices at 100 Park Avenue, New York, New York 10017, Attention:
Corporate Secretary, and will become effective when received by the Secretary.
All notices to you will be addressed to your address specified above. Both you
and we may designate a new address by written notice to that effect to the
other.

     12. Severability. If any provision of this Agreement is held to be invalid
or unenforceable by any court or tribunal of competent jurisdiction, the
remainder of this Agreement will not be affected by such judgment, and such
provision will be carried out as nearly as possible according to its original
terms and intent to eliminate such invalidity or unenforceability. In this
regard, you agree that the provisions of Section 7, including, without
limitation, the scope of its territorial and time restrictions, are reasonable
and necessary to protect and preserve our legitimate interests. If the
provisions of Section 7 are held by a court of competent jurisdiction to be in
any respect unreasonable, then such court may reduce the territory or time to
which it pertains or otherwise modify such provisions to the extent necessary to
render such provisions reasonable and enforceable.

     13. Miscellaneous. This Option is qualified in its entirety by reference to
the Plan, and is subject to all of the provisions of the Plan as if they were
set forth in full herein. This Option and all determinations made and actions
taken with respect to it, to the extent not otherwise governed by the Code or
the securities laws of the United States of America, will be governed by and
construed in accordance with the laws of the State of New York. This Option will
be void and of no effect after the Termination Date.

     IN WITNESS WHEREOF, Interep has caused this Option to be executed by its
officers, thereunto duly authorized, as of the date first above written.

                                              INTEREP NATIONAL RADIO SALES, INC.

                                              By
                                                 -------------------------------
                                                     Name:
                                                     Title:

ATTEST:

------------------------------
Name:
Title:

AGREED AND ACCEPTED
as of the Grant Date.

                                      -7-

<PAGE>

Optionee:
          -------------------------------       --------------------------------
                  Signature                               Print Name

                                      -8-

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