PROMISSORY NOTE AND STOCK PLEDGE AGREEMENTPromissory Note and Stock Pledge Agreement • March 31st, 2003 • Radio One Inc • Radio broadcasting stations • Delaware
FOR VALUE RECEIVED, the undersigned (the “Executive”) promises to pay to the order of RADIO ONE, INC., a Delaware corporation (the “Company”), the aggregate principal sum of Twenty One Million One Hundred Five Thousand Dollars ($21,105,000.00) (the “Principal Amount”) together with accrued interest hereon calculated in accordance with the provisions of this Promissory Note and Stock Pledge Agreement (this “Note”). This Note is being entered into in connection with the Executive’s purchase from the Company of 1,500,000 shares (the “Purchased Class D Common Stock”) of the Company’s Class D Common Stock, $.001 par value per share (the “Class D Common Stock”) at a price of $14.07 per share. Capitalized terms used but not defined herein shall have the meanings set forth in the Employment Agreement of even date herewith by and between the Executive and the Company (the “Employment Agreement”).
