EMPLOYMENT AGREEMENT AMENDMENT AND MODIFICATION
Radio
One, Inc. (“Company”), a Delaware corporation having its principal place of
business at 0000 Xxxxxxxx Xxxxxx Xxxxxxx, Xxxxxx, Xxxxxxxx, and Xxxxx X.
Xxxx (“Employee”), an individual residing at 000 Xxxxxxxxxxxxx Xxxxxx, XX,
Xxxxxxxxxx, X.X., hereby agree to amend and modify that certain Employment
Agreement (“Agreement”) made and entered into as of the 6th day
of August, 2007, as follows:
1.
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Amendment
to Section
5. Section 5 of the Agreement hereby is amended by adding the
following subsection (d) thereto:
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5.
Compensation.
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(d)
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Bonus
Payment
Schedule. Any bonus payments due Employee pursuant to
subsection (b) hereof shall be made to Employee as a cash lump sum no
later than the end of the quarter following the quarter during which
the
bonus was earned. Any bonus payments due Employee pursuant to
subsection (c) hereof shall be made to Employee as a cash lump sum
no
later than March 15th
following the end of the calendar year during which the incentive
compensation was earned.
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2.
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Amendment
to Section
11. Section 11 of the Agreement hereby is amended by adding
the
following subsections (f) and (g)
thereto:
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11.
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Termination.
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(f)
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To
the extent any severance payments due Employee pursuant to
subsection (b) hereof shall be treated as deferred compensation under
Xxxxxxx 000X
xx xxx Xxxxxx Xxxxxx Internal Revenue Code of 1986, as amended, and
the
Treasury Regulations (including proposed regulations) and guidance
promulgated thereunder (collectively, “Code Section 409A”), payment
of such amount shall be delayed until the first day of the seventh
month
following the date of Employee’s termination, but only to the extent that
such delay is necessary in order to avoid penalties under Code
Section 409A with respect to payments to a Specified Employee, as
defined in Treasury Regulations Section 1.409A-1(i) upon Separation
from
Service, as defined in Treasury Regulations Section 1.409A-1(h).
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(g)
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As
used in this Section 11, the term “Employee’s termination” shall mean a
“Separation from Service” as defined in Code
Section 409A.
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3.
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Amendment
to Section
20. Section 20 of the Agreement hereby is amended by adding
the
following subsection (h) thereto:
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20.
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Miscellaneous
Provisions.
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(h)
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Amendment
to Comply
with Section 409A of the Internal Revenue Code. To the extent that
this Agreement or any part thereof is deemed to be a nonqualified
deferred
compensation plan subject to Code Section 409A, (a) the provisions
of this
Agreement shall be interpreted in a manner to the maximum extent
possible
to comply in good faith with Code Section 409A, and (b) the parties
hereto
agree to amend this Agreement for purposes of complying with Code
Section
409A promptly upon issuance of any Treasury regulations or guidance
thereunder, provided that any such amendment shall not materially
change
the present value of the benefits payable to the Employee hereunder
or
otherwise materially adversely affect the Employee, Company, or any
affiliate of Company, without the consent of such party.
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Except
as expressly set forth herein, all other terms and conditions of the Agreement
shall remain as set forth therein.
IN
WITNESS WHEREOF, the parties have executed this Employment Agreement Amendment
and Modification to be effective as of the 7th
day of
October, 2008.
RADIO
ONE,
INC. XXXXX
X.
XXXX
By: Signature:
Xxxxx
X. Xxxxxxx
Title:
Vice
President Address: 000 Xxxxxxxxxxxxx
Xxxxxx, XX
Xxxxxxxxxx,
X.X. 00000
Date:
December 08,
2008 Date: December
08,
2008