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AMENDMENT (“Amendment”) made to the Employment
Agreement dated as of [date] (the “Employment
Agreement”), by and between Westwood One, Inc., a Delaware
corporation (the “Company”), and [employee] (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. The penultimate sentence of Section 4(b)
of the Employment Agreement is hereby amended in its entirety as
follows:
“Any cash
component of 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, but no later than
(i) April 30, 2009 (in the case of the bonus for 2008),
(ii) April 30, 2010 (in the case of the bonus for 2009)
and (iii) last day of the Term (in the case of the bonus for
2010).”
2. The first sentence of Section 6(c) of
the Employment Agreement is hereby amended in its entirety as
follows:
“In the
event of any termination of employment pursuant to Section 6,
Employee (or Employee’s estate, as the case may be) shall be
ent
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