WESTWOOD ONE INC /DE/
EXHIBIT 10.4
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>10
<FILENAME>c84222exv10w4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 10.4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;10.4</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>AMENDMENT NO. 1 TO REGISTRATION RIGHTS AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">This AMENDMENT NO. 1 TO REGISTRATION RIGHTS AGREEMENT (this &#147;<B>Amendment</B>&#148;) is dated as of April
23, 2009, between Westwood One, Inc. (the &#147;<B>Company</B>&#148;), and Gores Radio Holdings, LLC (together with
its designees that are affiliates of The Gores Group, LLC, the <B>&#147;Purchasers&#148;</B>). Capitalized terms
used herein and not otherwise defined shall have the meaning ascribed to them in the Registration
Rights Agreement (as defined below).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>W I T N E S S E T H:</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">WHEREAS, the Company and the Purchasers previously entered into a Registration Rights
Agreement dated as of March&nbsp;3, 2008 (the &#147;<B>Registration Rights Agreement</B>&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">WHEREAS, the Purchasers are the Holders of a majority of the Registrable Securities as of the
date of this Amendment; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">WHEREAS, the parties desire to amend certain provisions of the Registration Rights Agreement
in accordance with Section 10(b) thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">NOW THEREFORE, the parties, intending to be legally bound, do hereby agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">1.&nbsp;The definition of &#147;Registrable Securities&#148; is hereby amended and restated in its entirety
as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">&#147;<B>Registrable Securities</B>&#148; means any Common Stock (including any Common Stock issuable upon
the conversion of any outstanding shares of preferred stock or the exercise of any warrants of
the Company) issued or issuable to the Purchasers pursuant to the transactions contemplated by
(i)&nbsp;the Purchase Agreement, and (ii)&nbsp;the 2009 Purchase Agreement, together, in each case, with
any securities issued or issuable upon any stock split, stock dividend or other distribution or
in connection with a combination of shares, recapitalization, merger, consolidation or similar
event with respect to the foregoing; provided, however, that Registrable Securities shall not
include any securities a Holder is permitted to sell pursuant to Rule&nbsp;144 without volume
limitations or any other restrictions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">2.&nbsp;The following definitions are hereby added to Section&nbsp;1 in the appropriate alphabetical
order:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">&#147;<B>2009 Purchase Agreement</B>&#148; means the Purchase Agreement, dated April&nbsp;23, 2009, between the
Company and the Purchasers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">&#147;<B>Investor Rights Agreement</B>&#148; means the Investor Rights Agreement, dated April&nbsp;23, 2009,
among the Company, the Purchasers and the other investors party thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">&#147;<B>Investor Stockholder Registrable Securities</B>&#148; means &#147;Registrable Securities&#148; as defined in
the Investor Rights Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">&#147;<B>Investor Stockholders</B>&#148; has the meaning given to it in the Investor Rights Agreement.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">3.&nbsp;Section&nbsp;10(d) is hereby amended and restated in its entirety as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(d) <U>No Piggyback on Registrations</U>. Except as and to the extent specified in (i)
Schedule&nbsp;3.1(g) to the Purchase Agreement and (ii)&nbsp;the Investor Rights Agreement, neither the
Company nor any of its security holders (other than the Holders in such capacity pursuant
hereto) may include securities of the Company in a Registration Statement other than the
Registrable Securities, and the Company shall not after the date hereof enter into any contract
providing any such right to any of its security holders. In addition, the Purchasers agree that
should any Investor Stockholder properly exercise its registration rights in accordance with the
terms of the Investor Rights Agreement, the cut back provisions of the Investor Rights Agreement
shall supercede the cutback provisions set forth in Sections&nbsp;3(b), 5(b) and 5(c) hereof with
respect to the relative participation of the Purchasers and the Investor Stockholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">4. Miscellaneous.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(a)&nbsp;<U>Effect of Amendment</U>. Except as specifically amended hereby, the Registration
Rights Agreement is in all respects acknowledged, ratified and confirmed, and shall continue in
full force and effect in accordance with the terms thereof as amended and supplemented by this
Amendment. This Amendment is limited as expressly specified, and shall not constitute an
amendment, modification, acceptance or waiver of any other provision of the Registration Rights
Agreement. The Registration Rights Agreement and this Amendment, shall be read, taken and
construed as one and the same agreement, and the Registration Rights Agreement is hereby amended
accordingly. From and after the effectiveness of this Amendment, all references to the
Registration Rights Agreement in any other document, instrument, agreement or writing shall be
deemed to be references to the Registration Rights Agreement as amended hereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;<U>Execution</U>. This Amendment may be executed in two or more counterparts, all of
which when taken together shall be considered one and the same agreement and shall become effective
when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. If any signature is delivered by
facsimile or electronic transmission, such signature shall create a valid and binding obligation of
the party executing (or on whose behalf such signature is executed) the same with the same force
and effect as if such facsimile or electronically transmitted signature page were an original
thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(c)&nbsp;<U>Severability</U>. If any provision of this Amendment is held to be invalid or
unenforceable in any respect, the validity and enforceability of the remaining terms and provisions
of this Amendment shall not in any way be affected or impaired thereby and the parties will attempt
in good faith to agree upon a valid and enforceable provision that is a reasonable substitute
therefor and effects the original intent of the parties as closely as possible, and upon so
agreeing, shall incorporate such substitute provision in this Amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(d)&nbsp;<U>Governing Law; Venue</U>. <B>All questions concerning the construction, validity,
enforcement and interpretation of this Amendment shall be governed by and construed and enforced in
accordance with the internal laws of the State of New York.</B>
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 8%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written
above.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">WESTWOOD ONE, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
David Hillman
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">David Hillman&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left" nowrap>Chief Administrative Officer, Secretary and<br>
General Counsel&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">GORES RADIO HOLDINGS, LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">THE GORES GROUP, LLC, its Manager
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Steven G. Eisner
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Steven G. Eisner&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 4 -<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
