Document:

EX-10.1 FORM OF RESTRICTED SHARES AGREEMENT

Exhibit 10.1

CUMULUS MEDIA INC.

Form of Restricted Shares Agreement

        WHEREAS,                      (“Grantee”) is an employee of Cumulus Media Inc. (the “Company”);
and

        WHEREAS, the grant of restricted shares evidenced hereby was authorized by a resolution of the
Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of the Company
that was duly adopted on                     .

        NOW, THEREFORE, pursuant to Cumulus Media Inc. 1998 Stock Incentive Plan (the “Plan”) and
subject to the terms and conditions thereof and the terms and conditions hereinafter set forth, the
Company hereby grants to Grantee, effective as of                      (the “Date of Grant”), the right to
receive                      (                    ) shares of the Company’s Class A Common Stock, par value $.01 per
share (the “Common Shares”).

	1.	 	Rights of Grantee. The Common Shares subject to this grant shall be fully paid and
nonassessable and shall be represented by a certificate or certificates registered in
Grantee’s name and endorsed with an appropriate legend referring to the restrictions
hereinafter set forth. Grantee shall have all the rights of a stockholder with respect to
such shares, including the right to vote the shares and receive all dividends paid thereon,
provided that such shares, and any additional shares that Grantee may become entitled to
receive by virtue of a share dividend, a merger or reorganization in which the Company is the
surviving corporation or any other change in the capital structure of the Company, shall be
subject to the restrictions hereinafter set forth.

	2.	 	Restrictions on Transfer of Common Shares. The Common Shares subject to this grant
may not be assigned, exchanged, pledged, sold, transferred or otherwise disposed of by
Grantee, except to the Company, until the Common Shares have become nonforfeitable in
accordance with Section 3 hereof; provided, however, that Grantee’s rights
with respect to such Common Shares may be transferred by will or pursuant to the laws of
descent and distribution. Any purported transfer in violation of the provisions of this
Section 2 shall be null and void, and the purported transferee shall obtain no rights with
respect to such shares.

	3.	 	Vesting of Common Shares.

	 	(a)	 	Subject to the terms and conditions of Sections 3(b), 3(c) and 4 hereof,
Grantee’s right to receive the Common Shares covered by this agreement shall become
nonforfeitable to the extent of one-half (1/2) of the Common Shares covered by this
agreement after Grantee shall have been in the continuous employ of the Company or a
subsidiary for two full years from the Date of Grant and to the extent of an additional
one-fourth (1/4) thereof after each of the next two (2)
successive years thereafter during which Grantee shall have been in the continuous
employ of the Company or a subsidiary. For purposes of this agreement, “subsidiary”
shall mean a corporation, partnership, joint venture, unincorporated association or
other entity in which the Company has a direct or

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	 	 	 	indirect ownership or other equity
interest. For purposes of this agreement, the continuous employment of Grantee with
the Company or a subsidiary shall not be deemed to have been interrupted, and
Grantee shall not be deemed to have ceased to be an employee of the Company or a
subsidiary, by reason of the transfer of his employment among the Company and its
subsidiaries.
	 
	 	(b)	 	Notwithstanding the provisions of Section 3(a) hereof, and unless otherwise
provided for in Grantee’s employment agreement with the Company, upon Grantee’s death
or disability (as defined in Grantee’s employment agreement with the Company) while in
the employ of the Company or any subsidiary, Grantee’s right to receive the Common
Shares covered by this award shall become nonforfeitable, pursuant to the schedule set
forth in Section 3(a), for one year beyond the date of Grantee’s death or disability.
On the first anniversary of the date of such death or disability, Grantee’s right to
receive any remaining Common Shares covered by this agreement shall be forfeited
automatically and without further notice.
	 
	 	(c)	 	Notwithstanding the provisions of Section 3(a) hereof, Grantee’s right to
receive the Common Shares covered by this agreement shall become nonforfeitable upon
any Change in Control (as defined in Grantee’s employment agreement with the Company,
if such employment agreement contemplates a grant of Restricted Shares (as defined in
the Plan); otherwise, as defined in the Plan) of the Company that shall occur while
Grantee is an employee of the Company or a subsidiary.

	4.	 	Forfeiture of Awards. Except as otherwise provided for in Grantee’s employment
agreement with the Company, Grantee’s right to receive the Common Shares covered by this
agreement that are then forfeitable shall be forfeited automatically and without further
notice on the date that Grantee ceases to be an employee of the Company or a subsidiary prior
to the fourth anniversary of the Date of Grant for any reason other than as described in
Section 3(b). Except as otherwise provided for in Grantee’s employment agreement with the
Company, in the event that Grantee shall intentionally commit an act that the Committee
determines to be materially adverse to the interests of the Company or a subsidiary, Grantee’s
right to receive the Common Shares covered by this agreement shall be forfeited at the time of
that determination notwithstanding any other provision of this agreement.
	 
	5.	 	Retention of Certificates. During the period in which the restrictions on transfer
and risk of forfeiture provided in Sections 2 and 4 above are in effect, the certificates
representing the Common Shares covered by this grant shall be retained by the Company,
together with the accompanying stock power signed by Grantee and endorsed in blank.
	 
	6.	 	Compliance with Law. The Company shall make reasonable efforts to comply with all
applicable federal and state securities laws; provided, however, notwithstanding any other
provision of this agreement, the Company shall not be obligated to

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	 	 	issue any of the Common
Shares covered by this agreement if the issuance thereof would result in violation of any
such law. To the extent that the Georgia Securities Act of 1973, as amended, shall be
applicable to this agreement, the Company shall not be obligated to issue any of the Common
Shares or other securities covered by this agreement unless such Common Shares are (a)
exempt from registration thereunder, (b) the subject of a transaction that is exempt from
compliance therewith, (c) registered by description or qualification thereunder or (d) the
subject of a transaction that shall have been registered by description thereunder.
	 
	7.	 	Adjustments. The Committee shall make any adjustments in the number or kind of
shares of stock or other securities covered by this agreement that the Committee may determine
to be equitably required to prevent any dilution or expansion of Grantee’s rights under this
agreement that otherwise would result from any (a) stock dividend, stock split, combination of
shares, recapitalization or other change in the capital structure of the Company, (b) merger,
consolidation, separation, reorganization or partial or complete liquidation involving the
Company or (c) other transaction or event having an effect similar to any of those referred to
in Section 7(a) or 7(b) hereof. Furthermore, in the event that any transaction or event
described or referred to in the immediately preceding sentence shall occur, the Committee may
provide in substitution of any or all of Grantee’s rights under this agreement such
alternative consideration as the Committee may determine in good faith to be equitable under
the circumstances.
	 
	8.	 	Withholding Taxes. To the extent that the Company is required to withhold federal,
state, local or foreign taxes in connection with any delivery of Common Shares to the Grantee,
and the amounts available to the Company for such withholding are insufficient, it shall be a
condition to the receipt of such delivery that the Grantee make arrangements satisfactory to
the Company for payment of the balance of such taxes required to be withheld. The Grantee may
elect that all or any part of such withholding requirement be satisfied by retention by the
Company of a portion of the Common Shares delivered to the Grantee. If such election is made,
the shares so retained shall be credited against such withholding requirement at the Market
Price per Common Share on the date of such delivery. In no event, however, shall the Company
accept Common Shares for payment of taxes in excess of required tax withholding rates, except
that, unless otherwise determined by the Committee at any time, the Grantee may surrender
Common Shares owned for more than six (6) months to satisfy any tax obligations resulting from
any such transaction.
	 
	9.	 	Right to Terminate Employment. No provision of this agreement shall limit in any way
whatsoever any right that the Company or a subsidiary may otherwise have to terminate the
employment of Grantee at any time.
	 
	10.	 	Relation to Other Benefits. Any economic or other benefit to Grantee under this
agreement or the Plan shall not be taken into account in determining any benefits to which
Grantee may be entitled under any profit-sharing, retirement or other benefit or compensation
plan maintained by the Company or a subsidiary and shall not affect the
amount of any life insurance coverage available to any beneficiary under any life insurance
plan covering employees of the Company or a subsidiary.
	 
	11.	 	Amendments. Any amendment to the Plan shall be deemed to be an amendment to this
agreement to the extent that the amendment is applicable hereto; provided, however, that

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	 	 	no
amendment shall adversely affect the rights of Grantee with respect to the Common Shares or
other securities covered by this agreement without Grantee’s consent.
	 
	12.	 	Severability. In the event that one or more of the provisions of this agreement
shall be invalidated for any reason by a court of competent jurisdiction, any provision so
invalidated shall be deemed to be separable from the other provisions hereof, and the
remaining provisions hereof shall continue to be valid and fully enforceable.
	 
	13.	 	Governing Law. This agreement is made under, and shall be construed in accordance
with, the internal substantive laws of the State of Georgia.

[ SIGNATURE PAGE TO FOLLOW ]

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     This agreement is executed by the Company effective as of                                         .

CUMULUS MEDIA INC.

By                                                             

Name:

Title:

     The undersigned Grantee hereby acknowledges receipt of an executed original of this agreement
and accepts the right to receive the Common Shares or other securities covered hereby, subject to
the terms and conditions of the Plan and the terms and conditions herein above set forth.

                                                            

Grantee

Date:                                        

[ signature page to restricted share agreement ]EX-10.1 SATISFACTION AGREEMENT DATED MAY 22, 2008

Exhibit
10.1

SATISFACTION
AGREEMENT

     This
Satisfaction Agreement (this “Agreement”) is made and
entered into on this 22nd day of
May, 2008, by and between ROBERT C. GRIEN, an individual, on behalf of himself, his spouse, agents,
representatives, attorneys, assignees, heirs, executors, administrators, beneficiaries and trustees
(“GRIEN”), and DEERFIELD CAPITAL CORP., on behalf of itself, its parents, subsidiaries, successors,
assigns and related entities (“DEERFIELD” and together with GRIEN, the “Parties”).

W I T N E S S E T H:

     WHEREAS, GRIEN is employed by DEERFIELD’s subsidiary, Deerfield Capital Management LLC
(“DCM”), as a Senior Managing Director, pursuant to an Employment Agreement dated July 10, 2004 and
any supplements thereto, between GRIEN and DCM (the “Employment Agreement”), and has sought to
clarify the nature and amount of consideration that may be due and owing to GRIEN pursuant to the
Employment Agreement.

     WHEREAS, GRIEN and DEERFIELD, as the case may be, desire to, among other things, set forth
their satisfaction of certain contractual interpretation matters involving GRIEN’s employment and
compensation with DEERFIELD, and to resolve their dispute regarding compensation payments pursuant
to the Employment Agreement, all in accordance with the terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of the terms and mutual promises contained herein, GRIEN and
the Company agree as follows:

     1.  Payments and Satisfaction.  For and in consideration of the promises and other
consideration described in this Agreement, on or before the date that is three business days after
the date hereof (the “Enforcement Date”) the Company shall pay GRIEN the total sum of Six Hundred
Sixty-Seven Thousand dollars ($667,000) (“Settlement Sum”). Applicable statutory deductions,
including state and federal income taxes and Social Security taxes shall be withheld by DEERFIELD
from the payment set forth above. The Settlement Sum is in full and final settlement of all claims
by GRIEN against DEERFIELD and Releasees (as hereinafter defined) with respect to any matter, act,
omission, transaction, occurrence, or event that has occurred or is alleged to have occurred up to
the date of this Agreement.

     2.  General Release.  For and in consideration of the payments, promises, and other
consideration described herein, and as a further material inducement to DEERFIELD and GRIEN to
enter into this Agreement, the Parties agree as follows:

     (a)  GRIEN hereby irrevocably and unconditionally releases, acquits, and forever
discharges DEERFIELD, and its parents, subsidiaries, successors, related entities and
assigns, and all stockholders, parents, subsidiaries, affiliates, directors, officers,
employees, former employees, agents, representatives, attorneys, subsequent purchasers
and/or owners of all or substantially all assets of DEERFIELD, division of DEERFIELD, or any
related entity, and all persons acting by, through, under, or in concert with any of them,
and all successors and assigns thereof, (collectively, the “Releasees”) from any and all
charges, complaints, claims, liabilities, obligations, promises, agreements,

 

 

controversies, damages, actions, causes of action, suits, rights, demands, costs,
losses, debts, and expenses (including attorneys’ fees and legal expenses), of any nature
whatsoever, known or unknown, under the Employment Agreement, which GRIEN now has, had, or
may hereafter claim to have had against Releasees by reason of any matter, act, omission,
transaction, occurrence, or event under the Employment Agreement that has occurred or is
alleged to have occurred up to the date of this Agreement.

     (b)  The Parties expressly acknowledge that this Agreement may be pled as a complete
defense and will fully and finally bar any and all claims, known or unknown, against
Releasees and GRIEN based on any matter, act, omission, transaction, occurrence, or event
that has occurred or is alleged to have occurred under the Employment Agreement up to the
date of this Agreement.

     3.  Withdrawal of Claims and Covenant Not to Sue.  For and in consideration of the
payments, promises, and other consideration described in this Agreement, and as a material
inducement to DEERFIELD to enter into this Agreement, GRIEN acknowledges that he has no pending
claims, charges or lawsuits pending against the Releasees and agrees not to reinstitute any prior
claims, charges or lawsuits against the Releasees involving any act or omission arising prior to
the date of this Agreement.

     4.  Performance Shares.  The Parties agree that (i) GRIEN was awarded 299,435
Performance Shares pursuant to Deerfield’s First Amended and Restated Stock Incentive Plan as part
of his 2007 bonus award, (ii) the Parties determined that the cash portion of GRIEN’S 2007 bonus
award was less than the minimum cash amount due to GRIEN under the terms of the Employment
Agreement and that this warranted a corresponding reduction in the number of Performance Shares
that would have been issued (from 299,435 to 71,294), (iii) GRIEN did not execute the award
agreement evidencing the grant of the Performance Shares and (iv) the additional cash bonus payment
for 2007 that was payable under the terms of the Employment Agreement is included in the Settlement
Sum. On the Enforcement Date and concurrently with his receipt of the Settlement Sum, GRIEN agrees
to release any rights that he may have with respect to 228,141 of the 299,435 Performance Shares.

     5.  At-Will Employment Status.  GRIEN acknowledges that the Employment Agreement and
all applicable supplements have expired pursuant to its term effective December 31, 2007 and except
as to those portions of the Employment Agreement which expressly survive this date, the Employment
Agreement is no longer in effect and GRIEN is an at-will employee of DEERFIELD.

     6.  Other Agreements by GRIEN.  GRIEN also agrees that:

     (a)  he is entering into this Agreement knowingly, voluntarily, and
with full knowledge of its significance. GRIEN has not been coerced,
threatened, or intimidated into signing this Agreement; and

     (b)  he has been advised to consult with, and has consulted with, an
attorney prior to signing this Agreement.

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     7.  No Assignment.  GRIEN represents and warrants that he has not assigned to any other
person, and no other person is entitled to assert on his behalf, any claim against the Releasees
based on any matter, act, omission, transaction, occurrence, or event that has occurred or is
alleged to have occurred up to the date of this Agreement, except as expressly set forth in this
Agreement. GRIEN agrees to indemnify and hold harmless the Releasees from any such claim or claims
that are asserted by any assignee or any other person for or on his behalf.

     8.  Counterparts.  This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but such counterparts shall together constitute but one and the
same agreement.

     9.  Tax Matters.  In the event GRIEN is subject to tax liability, related penalties or
interest as a result of GRIEN’s release of the 228,141 Performance Shares as described in Paragraph
4 hereof, DEERFIELD will pay such tax liability, related penalties or interest on behalf of GRIEN.
GRIEN shall promptly notify DEERFIELD in writing of any event or circumstances that may give rise
to a claim hereunder and DEERFIELD shall have the opportunity to control the defense of any such
claim. DEERFIELD shall be relieved of its obligations hereunder to the extent GRIEN fails to
promptly notify DEERFIELD of any event or circumstances that may give rise to a claim hereunder to
the extent that failure to give such prompt notice actually prejudices DEERFIELD in defending such
claim. GRIEN shall cooperate with DEERFIELD in all matters related to the defense of any such
claim and DEERFIELD shall reimburse GRIEN for all reasonable out-of-pocket expenses that GRIEN
incurs in connection with such defense, up to a maximum of $10,000.

     10.  Expenses.  Each of the Parties hereto shall pay their own fees and expenses
incident to the negotiation and preparation of this Agreement; provided, however, DEERFIELD shall
pay KRAUS & ZUCHLEWSKI LLP up to $10,000 for reasonable attorney’s fees incurred in connection with
such firm’s representation of GRIEN in connection herewith; provided, further, that such firm
provides Deerfield with reasonable documentation of such fees prior to seeking reimbursement.

     11.  Complete Agreement.  This Agreement supersedes all previous agreements between
GRIEN and the Company with respect to the subject matter referred to herein. The Parties affirm
that the only consideration for his executing this Agreement are the payments and promises
expressly contained or described herein. GRIEN further represents and acknowledges that, in
executing this Agreement, he does not rely and has not relied upon any promise, inducement,
representation, or statement by Releasees about the subject matter, meaning, or effect of this
Agreement that is not stated in this document

     12.  Binding Effect.  This Agreement shall be binding upon the Parties and upon GRIEN’s
spouse, next of kin, heirs, attorneys, representatives, administrators, executors, successors, and
assigns, and shall apply fully to DEERFIELD and Releasees, and each of them individually, and to
their heirs, administrators, representatives, executors, successors, and assigns.

     13.  Construction.  The language of all parts of this Agreement shall in all cases be
construed as a whole, according to its fair meaning. The Parties acknowledge that they shall not

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be construed in favor of on Party relative to the other Party. The paragraph headings
contained in this Agreement are for reference purposes only and shall not affect the meaning or
interpretation of this Agreement. If any provision of this Agreement is declared or determined by
any court to be illegal or invalid, that part shall be excluded from the Agreement, but the
validity of the remaining parts, terms, or provisions shall not be affected. Additionally, this
Agreement shall be construed under the laws of the State of Illinois.

     14.  Waiver.  DEERFIELD may waive GRIEN’S compliance with any of the covenants,
agreements or conditions contained herein; provided that any agreement on the part of DEERFIELD to
effect any such waiver shall be valid only if set forth on an instrument in writing signed on
behalf of DEERFIELD and any waiver shall only act with respect to the specific matter waived and
shall not be deemed a continuing waiver. No matter shall be deemed waived by prior failure to
enforce the same or by course of conduct.

     15.  Amendment.  This Agreement may not be amended or modified except by an instrument
in writing signed by DEERFIELD and GRIEN.

     16.  Dispute Resolution.  Any dispute arising in connection with this Agreement shall
be resolved in accordance with the dispute resolution provisions contained in Section 8(d) of the
Employment Agreement.

     17.  Notices.  All communications, notices and disclosures required or permitted by
this Agreement shall be in writing and shall be deemed to have been given when delivered personally
or by messenger or by overnight delivery service, or when mailed by registered or certified United
States mail, postage prepaid, return receipt requested, or when received via facsimile, in all
cases addressed to the person for whom it is intended at his address set forth below or to such
other address as a party hereto shall have designated by notice in writing to the other parties
hereto in the manner provided by this paragraph:

	 	 	 	 
	 
	 	If to DEERFIELD:

	 	DEERFIELD CAPITAL CORP.

Attn: Frederick White

6250 North River Road, 9th Floor

Rosemont, Illinois, 60018

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	 	If to GRIEN:

	 	Robert C. Grien

525 East 89th Street

Apt. 1-BC 

New York, NY 10128
	 
	 	With copies to:

	 	Pearl Zuchlewski

Kraus & Zuchlewski LLP

500 Fifth Avenue

Suite 5100

New York, NY 10110-5197

     IN WITNESS WHEREOF, the parties hereto have duly caused this Agreement to be executed as of
the date first written above.

ROBERT C. GRIEN

	 	 	 	 	 
	 	 	 
	/s/ Robert C. Grien	 
	 	 	 
	 	 	 
	 

DEERFIELD CAPITAL CORP.

	 	 	 	 	 
	/s/
Frederick L. White	 
	By:       Frederick L. White		 
	Name:  Senior Vice President,
General
             Counsel and Secretary	 	 
	 	 	 	 
	 

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