Document:

Form of Senior Executive Restricted Stock Award Agreement

 Exhibit 10.21 
 Name of Grantee:                                

 This Award and any securities delivered hereunder are subject to restrictions on voting and transfer and requirements of sale and other provisions set
forth in the Stockholders Agreement, to be entered into on or before the Closing Date (as that term is defined in the Merger Agreement), among CC Media Holdings, Inc., BT Triple Crown Merger Co., Inc. (“MergerSub”), Clear Channel Capital
IV, LLC, Clear Channel Capital V, L.P., Mark P. Mays, L. Lowry Mays, Randall T. Mays, and other stockholders of CC Media Holdings, Inc. who from time to time may become a party thereto, as amended from time to time, (the “Stockholders
Agreement”), and the Side Letter Agreement, to be entered into on or before the Closing Date, among CC Media Holdings, Inc., MergerSub, Clear Channel Capital IV, LLC, Clear Channel Capital V, L.P., Mark P. Mays, L. Lowry Mays and Randall T.
Mays (“Side Letter Agreement,” together with the Stockholders Agreement, the “Equity Agreements”). This Award and any securities delivered hereunder constitute Executive Shares as defined in the Stockholders Agreement.

 CC MEDIA HOLDINGS, INC. 
 Senior Executive Restricted Stock Award Agreement 
 CC Media Holdings, Inc. 
 c/o Clear Channel Communications, Inc. 
 200 East Basse Road 
 San Antonio, TX 78209 
 Attention: Bill Hamersly, SVP, Human Resources 
 Ladies and Gentlemen: 
 The undersigned Grantee (i) acknowledges
receipt of an award (the “Award”) of restricted stock from CC Media Holdings, Inc., a Delaware corporation (the “Company”), under the Company’s 2008 Executive Incentive Plan (the “Plan”),
subject to the terms set forth below and in the Plan, a copy of which Plan, as in effect on the date hereof, is attached hereto as Exhibit A; and (ii) agrees with the Company as follows: 
 1. Effective Date. This agreement (the “Award Agreement”) shall take effect as of July 30, 2008, which is the grant date of
the Award (the “Grant Date”). The Grantee shall be the record owner of the Shares on the Grant Date. 
 2. Shares Subject
to Award. The Award consists of a total of 555,556 shares of Class A Common Stock of the Company, par value $.001 per share (the “Shares”) with a Fair Market Value on the Grant Date of $36.00 per Share and $20,000,000.00 (TWENTY
MILLION DOLLARS) in the aggregate. 
 The Grantee’s rights to the Shares are subject to the restrictions described in this Award
Agreement and the Plan (which is incorporated herein by reference with the same effect as if set forth herein in full) in addition to such other restrictions, if any, as may be imposed by law. 

 3. Nontransferability of Shares. The Shares acquired by the Grantee pursuant to this Award
Agreement shall not be sold, transferred, pledged, assigned or otherwise encumbered or disposed of except as provided in the Equity Agreements. 
 4. Forfeiture Risk. If the Grantee’s Employment with the Company and its subsidiaries ceases for any reason, other than death, Disability, termination of employment by the Company without Cause, or resignation by Grantee for
Good Reason, then any and all outstanding and unvested Shares acquired by the Grantee hereunder shall be automatically and immediately forfeited. 
 The
Grantee hereby (i) appoints the Company as the attorney-in-fact of the Grantee to take such actions as may be necessary or appropriate to effectuate a transfer of the record ownership of any Shares that are unvested and forfeited hereunder,
(ii) agrees to deliver to the Company, as a precondition to the issuance of any certificate or certificates with respect to unvested Shares hereunder, one or more stock powers, endorsed in blank, with respect to such Shares, and
(iii) agrees to sign such other powers and take such other actions as the Company may reasonably request to accomplish the transfer or forfeiture of any unvested Shares that are forfeited hereunder. 
 5. Certificates. The Company will, on or subsequent to the Grant Date, issue the Grantee a certificate representing the Shares. If unvested Shares
are held in book entry form at any time thereafter, the Grantee agrees that the Company may give stop transfer instructions to the depositary, stock transfer agent or other keeper of the Company’s stock records to ensure compliance with the
provisions hereof. 
 6. Vesting of Shares. 
 7. Legend. In addition to any legend required by the Equity Agreements or applicable law, any certificates representing Shares shall contain a legend substantially in the following form: 
 THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) OF THE
CLEAR CHANNEL 2008 EXECUTIVE INCENTIVE PLAN AND A RESTRICTED STOCK AWARD AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND CC MEDIA HOLDINGS, INC. AND THE STOCKHOLDERS AGREEMENT, DATED AS OF JULY 29, 2008, AMONG CC MEDIA HOLDINGS, INC., BT
TRIPLE CROWN MERGER CO., INC., CLEAR CHANNEL CAPITAL IV, LLC, CLEAR CHANNEL CAPITAL V, L.P., MARK P. MAYS, L. LOWRY MAYS, RANDALL T. MAYS, AND OTHER STOCKHOLDERS OF CC MEDIA HOLDINGS, INC. WHO FROM TIME TO TIME MAY BECOME A PARTY HERETO. COPIES OF
SUCH PLAN, AWARD AGREEMENT AND STOCKHOLDERS AGREEMENT ARE ON FILE IN THE OFFICES OF CC MEDIA HOLDINGS, INC. 
 Upon the request of the Grantee, as soon as
practicable following the Vesting of any such Shares the Company shall cause a certificate or certificates covering such Shares, without the aforesaid 

  

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legend, to be issued and delivered to the Grantee. If any Shares are held in book-entry form, the Company may take such steps as it deems necessary or
appropriate to record and manifest the restrictions applicable to such Shares. 
 8. Dividends, etc. The Grantee shall be entitled to
(i) receive any and all dividends or other distributions paid with respect to those vested and unvested Shares of which the Grantee is the record owner on the record date for such dividend or other distribution, whether or not Vested at such
time, in the same form and amount as any holder of Stock receives, and (ii) subject to the terms of the Equity Agreements, vote any Shares of which the Grantee is the record owner on the record date for such vote; provided, however, that
any property (other than cash) distributed with respect to a share of Stock (the “Associated Share”) acquired hereunder, by reason of a stock dividend, stock split or other similar adjustment to the Stock pursuant to
Section 7(b) of the Plan, shall be subject to the restrictions of this Award Agreement in the same manner and for so long as the Associated Share remains subject to such restrictions, and shall be promptly forfeited if and when the Associated
Share is so forfeited. 
 9. Sale of Vested Shares. The Grantee understands that the sale of any Share, once it has Vested, will
remain subject to (i) satisfaction of applicable tax withholding requirements, if any, with respect to the Vesting or transfer of such Share; (ii) the completion of any administrative steps (for example, but without limitation, the
transfer of certificates) that the Company may reasonably impose; (iii) applicable requirements of federal and state securities laws; and (iv) the terms and conditions of the Equity Agreements to the extent that they are then in effect.

 10. Provisions of the Plan. This Grant is subject in its entirety to the provisions of the Plan, which are incorporated herein by
reference. A copy of the Plan as in effect on the date of the grant of this Award has been furnished to the Grantee and the Grantee agrees to be bound by the terms of the Plan and this Award. In the event of any conflict between the terms of this
Award and the Plan, the terms of this Award shall control. Notwithstanding Section 9 of the Plan, the Administrator shall not, in order to avoid liability accounting as provided therein, revoke or reduce the amount of any Award, but may impose
reasonable terms and conditions on the exercise of put rights, call rights and other transactions as may be reasonably necessary to avoid the treatment of the grant as a liability award under FASB. Notwithstanding Section 9 of the Plan, the
Administrator shall not, without the Grantee’s consent, alter the terms of the Plan or this Award Agreement so as to adversely affect the Grantee’s rights under this Award Agreement. 
 11. Other Agreements. Grantee acknowledges and agrees that the Shares delivered under this Award Agreement shall be subject to the Equity
Agreements and the transfer and other restrictions, rights, and obligations set forth therein. By executing this Award Agreement, Grantee hereby becomes a party to and bound by the Equity Agreements as an Executive (as such term is defined in the
Stockholders Agreement and used in the Side Letter Agreement), without any further action on the part of Grantee, the Company or any other Person. 
  

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 12. Certain Tax Matters. The Grantee expressly acknowledges the following: 
 A. The Grantee has been advised to confer promptly with a professional tax advisor to consider whether the Grantee should make a so-called “83(b)
election” with respect to the Shares. Any such election, to be effective, must be made in accordance with applicable regulations and within thirty (30) days following the date this Award is granted and the Grantee must provide the Company
with a copy of the 83(b) election prior to filing. The Company has made no recommendation to the Grantee with respect to the advisability of making such an election. 
 B. The award or Vesting of the Shares acquired hereunder, and the payment of dividends with respect to such Shares, may give rise to “wages” subject to withholding. The Grantee expressly acknowledges and
agrees that his or her rights hereunder are subject to his or her promptly paying to the Company in cash (or by such other means as may be acceptable to the Company in its discretion), all taxes required to be withheld in connection with such award,
Vesting or payment. Notwithstanding the foregoing, the Administrator shall, at the election of the Participant, hold back Shares from an Award or permit the Grantee to tender previously owned shares of Stock in satisfaction of tax withholding
requirements (but not in excess of the applicable minimum statutory withholding rate). 
 13. Definitions. The initially capitalized
term Grantee shall have the meaning set forth on the first page of this Award Agreement; initially capitalized terms not otherwise defined herein shall have the meaning provided in the Plan, and to the extent not defined in the Plan, then as defined
in the Equity Agreements. The following terms shall have the meanings set forth below: 
 “Cause” has the meaning set forth in the
Employment Agreement. 
 “Change of Control” has the meaning set forth in the Stockholders Agreement. 
 “Disability” has the meaning set forth in the Employment Agreement. 
 “Employment Agreement” shall mean the employment agreement entered into between the Company, BT Triple Crown Merger Co., Inc. and the Grantee
dated July 28, 2008. 
 “Good Reason” has the meaning set forth in the Employment Agreement. 
 “Investors” has the meaning set forth in the Stockholders Agreement. 
 “Merger Agreement” shall mean the Agreement and Plan of Merger, dated as of November 16, 2006 and amended on April 18,
2007, May 17, 2007 and May 13, 2008, by and among the Company, MergerSub, B Triple Crown Finco, LLC, a Delaware limited liability company, T Triple Crown Finco, LLC, a Delaware limited liability company, and Clear Channel
Communications, Inc., a Texas Corporation (“Clear Channel”). 
 “Vest” as used herein with respect to any Share
means the lapsing of the restrictions described herein with respect to such Share. 
  

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 14. General. For purposes of this Award Agreement and any determinations to be made by the
Administrator or the Committee, as the case may be, hereunder, the determinations by the Administrator or the Committee, as the case may be, shall be binding upon the Grantee and any transferee. 
 [Remainder of the page intentionally left blank] 
  

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	Very truly yours,
	
	  

	
	Address:

  

	
	Dated:
	
	 The foregoing Restricted Stock
 Award
is hereby accepted:

	
	CC MEDIA HOLDINGS, INC.
	
	  

	
	Name: Andrew Levin
	Title: Executive Vice President and Chief Legal Officer

 [SIGNATURE PAGE TO RANDALL T. MAYS SENIOR EXECUTIVE RESTRICTED STOCK AGREEMENT] 

 Section 83(b) Election 
 [DATE] 
 Department of the Treasury 
 Internal Revenue Service Center 
 Austin, TX 73301-0002 
 Ladies and Gentlemen: 
 I hereby make an election pursuant to Section 83(b) of the Internal Revenue
Code of 1986, as amended. The following information is submitted as required by Treas. Reg. §1.83-2(e): 
  

					
	1.	    	Name of Taxpayer:	 	«First_Name» «Last_Name»
			
		    	Home Address:	 	«Street»
		    		 	«City», «State» «Zip»
			
		    		 	
			
		    	Social Security No.:	 	                                
			
	2.	    	Property for which election is made:	 	«Total_Shares» Shares of Class A Common Stock of CC Media Holdings, Inc.
			
	3.	    	Date of Transfer:	 	
			
	4.	    	Taxable year for which election is made:	 	Calendar year 2008
			
	5.	    	Restrictions to which property is subject:	 	The shares are subject to time-based vesting restrictions and other forfeiture provisions as specified in a restricted stock award agreement and are restricted as to transfer in accordance with
a stockholders agreement. The shares will generally be forfeited if employment ceases prior to vesting.
			
	6.	    	The fair market value of the property at the time of its transfer to me (without regard to restrictions) was:	 	«Total_Value»
			
	7.	    	Amount paid for the property:	 	$0.00

 A copy of this election has been furnished to the Company and to each other person, if any,
required to receive the election pursuant to Treas. Reg. § 1.83-2(d). 

 Please acknowledge receipt of this Section 83(b) Election by signing or stamping the enclosed copy
of this letter and return it in the enclosed, self-addressed, stamped envelope. 
  

	
	Very truly yours,
	
	  

	«First_Name» «Last_Name»

  

	cc:	CC Media Holdings, Inc.Form of Senior Management Option Agreement

 Exhibit 10.22 
 SENIOR MANAGEMENT OPTION AGREEMENT 
 Optionee:
                                 
 This Option and any securities issued upon exercise of this Option are subject to restrictions on transfer and requirements of sale and other
provisions as set forth below. 
 CC MEDIA HOLDINGS, INC.  
 NON-QUALIFIED STOCK OPTION AGREEMENT 
 This stock option (the
“Option”) is granted by CC Media Holdings, Inc., a Delaware corporation (the “Company”), to the Optionee, pursuant to the Company’s 2008 Executive Incentive Plan (as amended from time to time, the “Plan”). For the
purpose of this Senior Management Option Agreement (the “Agreement”), the “Grant Date” shall mean July 30, 2008. 
 1. Grant of Option. The Agreement evidences the grant by the Company on the Grant Date to the Optionee of an option to purchase, in whole or in part, on the terms provided herein and in the Plan, shares of class A common stock of the
Company, par value $.001 per share (the “Shares”), as set forth below: 
  

	 	(a)	             Shares at $36.00 per Share (the “Tranche 1 Options”); 

  

	 	(b)	             Shares at $36.00 per Share (the “Tranche 2 Options”); and 

  

	 	(c)	             Shares at $36.00 per Share (the “Tranche 3 Options”).” 

 The Option evidenced by this Agreement is not intended to qualify as an incentive stock option under Section 422 of the Code. 
 2. Vesting. 
 3. Exercise of
Option. Each election to exercise this Option shall be subject to the terms and conditions of the Plan and shall be in writing, signed by the Optionee or by his or her executor or administrator or by the person or persons to whom this Option is
transferred by will or the applicable laws of descent and distribution (the “Legal Representative”), and made pursuant to and in accordance with the terms and conditions set forth in the Plan. In addition to the methods of payment
otherwise permitted by the Plan, the Administrator shall, at the election of the Optionee, hold back Shares from an Option having a Fair Market Value equal to the exercise price in payment of the Option exercise price. The latest date on which this
Option may be exercised (the “Final Exercise Date”) is the date which is the tenth anniversary of the Grant Date, subject to earlier termination in accordance with the terms and provisions of the Plan and this Agreement. Notwithstanding
the foregoing, and subject to the provisions of Section 2(b) above, the following rules will apply if a Optionee’s Employment ceases in all circumstances: automatically and immediately upon the cessation of Employment, this Option will
cease to be exercisable and will terminate, except that: 
 (a) any portion of this Option held by the Optionee or the
Optionee’s permitted transferees, if any, immediately prior to the termination of the Optionee’s Employment by reason of a termination by the Company without Cause, to the extent then vested and exercisable, will remain exercisable for the
shorter of (i) a period of 90 days or (ii) the period ending on the Final Exercise Date, and will thereupon terminate; and 
  

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 (b) any portion of this Option held by the Optionee or the Optionee’s permitted
transferees, if any, immediately prior to the termination of the Optionee’s Employment by reason of death or Disability, to the extent then vested and exercisable, will remain exercisable for the shorter of (i) the one year period ending
with the first anniversary of the Optionee’s death or Disability, as the case may be, or (ii) the period ending on the Final Exercise Date, and will thereupon terminate. 
 4. Lock Up. The Optionee agrees that in connection with a public offering and sale of shares of Stock for cash by the Company pursuant to an
effective registration statement under the Securities Act of 1933, as amended (a “Public Offering”) and upon the Company’s or underwriter’s request, the Optionee will not sell, make any short sale of, loan, grant any option for
the purchase of, pledge, enter into any swap or other arrangement that transfers any of the economic consequences of ownership, or otherwise encumber or otherwise dispose of any of the Shares issued upon exercise of this Option for such period as
the Company or underwriter may request, commencing on the effective date of the registration statement relating to any such offering and continuing for not more than 90 days (or 180 days in the case of any public offering up to and including the
public offering that is the first underwritten public offering after the date of the Merger (other than on Form S-4, S-8 or a comparable form) in connection with which the Company or its majority shareholders receives sale proceeds therefrom),
except with the prior written consent of the Company or underwriter. The Optionee agrees that he or she will sign a “lock up” or similar agreement in connection with a Public Offering on terms and conditions that the Company or underwriter
deems necessary or desirable. For the avoidance of doubt this Agreement and the Shares issued pursuant to this Agreement are not subject to the Stockholders Agreement. 
 5. Withholding. No Shares will be transferred pursuant to the exercise of this Option unless and until the person exercising this Option shall have remitted to the Company an amount sufficient to satisfy any
federal, state, or local withholding tax requirements, or shall have made other arrangements satisfactory to the Company with respect to such taxes. The Administrator may, in its sole discretion, hold back Shares otherwise receivable under this
Agreement or permit the Optionee to tender previously owned shares of Stock in satisfaction of tax withholding requirements (but not in excess of the applicable minimum statutory withholding rate). 
 6. Nontransferability of Option. This Option is not transferable by the Optionee other than by will or the applicable laws of descent and
distribution, and is exercisable during the Optionee’s lifetime only by the Optionee. 
 7. Status Change. Upon the
termination of the Optionee’s Employment, this Option shall continue or terminate, as and to the extent provided in the Plan and this Agreement. 
  

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 8. Effect on Employment. Neither the grant of this Option, nor the issuance of Shares upon
exercise of this Option, shall give the Optionee any right to be retained in the employ of the Company or its Affiliates, affect the right of the Company or its Affiliates to discharge or discipline such Optionee at any time, or affect any right of
such Optionee to terminate his or her Employment at any time. 
 9. Non-Competition, Non-Solicitation, Non-Disclosure. The Board shall
have the right to cancel, modify, rescind, suspend, withhold or otherwise limit or restrict this Option, including, without limitation, canceling or rescinding this Option if the Board determines that the Optionee is not in compliance with any
non-competition or non-solicitation or non-disclosure agreement with the Company and such non-compliance has not been authorized in advance in a specific written waiver from the Company. In addition, in the event of any such violation of such
agreement (without the advance written consent of the Company) that occurs during the period following termination of employment covered by any such agreement, the Company may require that (i) the Optionee sell to the Company Shares received by
the Optionee upon exercise of the Option and then held by the Optionee for a purchase price equal to the aggregate exercise price of the Option; or (ii) the Optionee remit or deliver to the Company (1) the amount of any gain realized upon
the sale of any Shares received pursuant to this Option, and (2) any consideration received upon the exchange of any Shares received pursuant to this Option (or the extent that such consideration was not received in the form of cash, the cash
equivalent thereof valued at the time of the exchange). The Company shall have the right to offset, against any Shares and any cash amounts due to the Optionee under or by reason of Optionee’s holding this Option, any amounts to which the
Company is entitled as a result of Optionee’s violation of the terms of any non-competition, non-solicitation or non-disclosure agreement with the Company or Optionee’s breach of any duty to the Company. Accordingly, Optionee acknowledges
that (i) the Company may withhold delivery of Shares, (ii) the Company may place the proceeds of any sale or other disposition of Shares in an escrow account of the Company’s choosing pending resolution of any dispute with the
Company, and (iii) the Company has no liability for any attendant market risk caused by any such delay, withholding, or escrow. The Optionee acknowledges and agrees that the calculation of damages from a breach of an agreement with the Company
or of any duty to the Company would be difficult to calculate accurately and that the right to offset or other remedy provided for herein is reasonable and not a penalty. The Optionee further agrees not to challenge the reasonableness of such
provisions even where the Company rescinds, delays, withholds or escrows Shares or proceeds or uses those Shares or proceeds as a setoff. 
 10. Provisions of the Plan. This Option is subject in its entirety to the provisions of the Plan, which are incorporated herein by reference. A copy of the Plan as in effect on the date of the grant of this Option has been furnished
to the Optionee. By exercising all or any part of this Option, the Optionee agrees to be bound by the terms of the Plan and this Agreement. In the event of any conflict between the terms of this Agreement and the Plan, the terms of this Agreement
shall control. 
  

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 11. Definitions. The initially capitalized terms Optionee and Grant Date shall have the meanings
set forth on the first page of this Agreement; initially capitalized terms not otherwise defined herein shall have the meaning provided in the Plan, and, as used herein, the following terms shall have the meanings set forth below: 
 “Affiliate” means, with respect to any specified Person, (a) any other Person that directly or indirectly through one or more
intermediaries controls, or is controlled by, or is under common control with, such specified Person, or (b) if such specified Person is a natural person, any member of the immediate family of such specified Person. For the purposes of this
Agreement, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this Agreement, none of the Company or any of its
subsidiaries will be considered an Affiliate of any of the Sponsors or any of their respective Affiliates or Affiliated Funds. 
 “Affiliated Fund” means, with respect to any specified Person, (i) an investment fund that is an Affiliate of such Person or that is advised by the same investment adviser as such Person or by an Affiliate of such
investment adviser or such Person or, with respect to a Person that is a Sponsor or an Affiliate of a Sponsor, (ii) any other partnership, limited liability company or other legal entity controlled (a) jointly by the Sponsors and/or their
respective Affiliates or (b) individually by a single Sponsor and/or its Affiliates, in each case (a) and (b) that is formed to invest directly or indirectly in the Company and that is designated as an Affiliate by the Sponsor or
Sponsors that control, or whose Affiliates control, such entity. 
 “Change of Control” means (a) any consolidation or
merger of the Company with or into any other corporation or other Person, or any other corporate reorganization or transaction (including the acquisition of capital stock of the Company), whether or not the Company is a party thereto, after which
the Sponsors and their respective Affiliated Funds and Affiliates do not directly or indirectly control capital stock representing more than 25% of the economic interests in and 25% of the voting power of the Company or other surviving entity
immediately after such consolidation, merger, reorganization or transaction; (b) any sale or other transaction or series of related transactions, whether or not the Company is a party thereto, after which in excess of 50% of the Company’s
voting power is owned directly or indirectly by any Person and its “affiliates” or “associates” (as such terms are defined in the rules adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934,
as amended), other than the Sponsors and their respective Affiliated Funds and Affiliates (or a group of Persons that includes such Persons); or (c) a sale of all or substantially all of the assets of the Company to any Person and the
“affiliates” or “associates” of such Person (or a group of Persons acting in concert), other than the Sponsors and their respective Affiliated Funds and Affiliates (or a group of Persons that includes such Persons). 

“Cause” means (1) the Optionee’s failure to perform (other than by reason of Disability), or material negligence in the
performance of, his or her duties and responsibilities to the Company or any of its Affiliates; (2) material breach by the Optionee of any provision of this Agreement or any employment or other written agreement; or (3) other conduct by
the Optionee that is materially harmful to the business, interests or reputation of the Company or any of its Affiliates. 
  

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 “Disability” shall have the meaning ascribed to such term in any employment agreement
other similar agreement between the Optionee and the Company or any of its subsidiaries, or, if no such agreement exists or the provisions of such agreements conflict, the disability of a Optionee during his or her Employment through any illness,
injury, accident or condition of either a physical or psychological nature as a result of which, in the judgment of the Board, he or she is unable to perform substantially all of his duties and responsibilities, notwithstanding the provision of any
reasonable accommodation, for ninety (90) consecutive days during any period of three hundred and sixty-five (365) consecutive calendar days. 
 “Investor Shares” means Shares of any type held by Clear Channel Capital IV, LLC and any successors in interest thereto and Clear Channel Capital V, L.P. and any successors in interest thereto, (each,
an “Investor”) and shall include any stock, securities or other property or interests received by the Investors in respect of Investor Shares in connection with any stock dividend or other similar distribution, stock split or combination
of shares, recapitalization, conversion, reorganization, consolidation, split-up, spin-off, combination, repurchase, merger, exchange of stock or other transaction or event that affects the Company’s capital stock occurring after the date of
issuance. 
 “Person” means any natural person or individual, partnership, corporation, company, association, trust, joint
venture, limited liability company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof. 
 “Return to Investor” means the return to the Sponsors, measured in the aggregate, on their cash investment to purchase Investor Shares,
taking into account the amount of all cash dividends and cash distributions to such Sponsors in respect of their Investor Shares and all cash proceeds to such Sponsors from the sale or other disposition of such Investor Shares. 
 “Sponsors” shall mean Bain Capital (CC) IX L.P. and its Affiliates and THL Equity Fund VI, L.P. and its Affiliates. 
 “Stock” means class A common stock of CC Media Holdings, Inc, par value $.001 per share. 
 12. General. For purposes of this Option and any determinations to be made by the Administrator or the Committee, as the case may be, hereunder,
the determinations by the Administrator or the Committee, as the case may be, shall be binding upon the Optionee and any transferee. 
 IN
WITNESS WHEREOF, the Company has caused this Agreement to be executed under its corporate seal by its duly authorized officer. This Agreement shall take effect as a sealed instrument. 
  

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	CC MEDIA HOLDINGS, INC.
		
	By:	 	  

	Name:	 	Mark P. Mays
	Title:	 	CEO

  

	
	 Dated:

	
	  
 Acknowledged and
Agreed

	
	  

	 Name:

	
	 Address of Principal Residence:

	
	  

	  

	  

  

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