Document:

exv10w1

Exhibit 10.1

EMPLOYMENT SEPARATION AGREEMENT

     This Employment Separation Agreement (“Agreement”) is made and entered into as of the
13th day of July 2009, by Andrew W. Levin, Employee ID No.: 1036548 (“Executive”), and
CC Media Holdings, Inc. (the “Company”).

     WHEREAS, the Executive’s position as the Company’s Executive Vice President, Chief Legal
Officer and Secretary will end, effective January 8, 2010, and the Company wants to provide an
incentive to Executive to remain an Executive of the Company in his current position through
January 8, 2010;

     THEREFORE, in consideration of the mutual promises and covenants set forth herein, Executive
and the Company agree as follows:

1. Termination Date. The Company desires to continue the employment of Executive until
January 8, 2010 (the “Termination Date”) and agrees that Executive shall retain his current
positions of Executive Vice President, Chief Legal Officer and Secretary until the Termination
Date. Executive shall be compensated during such employment at the compensation level in existence
on the date of this Agreement.

2. Consideration for Agreement from Company.

     2.1 Bonus Payments. The Company shall pay and Executive shall receive bonus payments in the
total sum of Nine Hundred Eighty Nine Thousand Two Hundred Fifty and No/100 Dollars ($989,250.00),
less applicable federal and state withholding and all other ordinary payroll deductions. Such
payments will be made pursuant to the Payment Schedule

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attached hereto as Schedule A, and
are subject to the terms and conditions set forth in Schedule A.

     2.2 Regular Compensation. The amount described in Section 2.1 is in addition to and does not
affect the monthly salary and benefits Executive is entitled to while employed with the Company.

     2.3 2009 Annual Incentive Plan. In addition to the payments listed in Section 2.1, Executive
will continue to be eligible to receive a performance bonus under the Company’s Annual Incentive
Plan, to be paid no later than March 15, 2010, the details of which are set forth in Schedule
B attached to this Agreement.

     2.4 Consulting Agreement. In further consideration for the Agreement, Executive agrees to
serve as a consultant to the Company for a period commencing on the day following the Termination
Date and expiring on May 31, 2011 (“Consulting Period”), the details of which are set forth in
Schedule C attached to this Agreement. For a period of no less than 90 days following the
Termination Date set forth in the Agreement (the “Transition Period”), Executive will be available
on a reasonable basis, for up to ten hours per week, to provide such services at no additional
compensation. After the completion of the Transition Period and continuing thereafter throughout
the remaining term of the Consulting Period, Executive will be available to the Company on an as
needed basis, for up to five hours per week and will be entitled to be paid $200.00 per hour for
hours worked in excess of five hours per week.

3. Withholding. Executive acknowledges and agrees he is responsible for satisfying any and all tax
obligations of the Executive that arise as a result of any compensation paid to Executive during
his employment or in connection with this Agreement, including, without limitation, the payments
listed in Section 2. The Company is authorized to deduct and withhold

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from any compensation or
benefits payable hereunder amounts sufficient to satisfy applicable income and employment tax
amounts the Company is required to withhold by applicable law, regulation or ruling.

4. Executive’s Release of Claims.

     4.1 Executive affirms he has not filed, caused to be filed, and/or is not presently a party to
any claim, complaint, or action against Company in any forum or form. Executive furthermore
affirms he has no known workplace injuries or occupational diseases.

     4.2 Save and except for Executive’s right to indemnification as an officer and employee of the
Company, rights as a shareholder of Company, or rights under health, benefit or insurance plans or
policies as an employee of Company, Executive hereby irrevocably and unconditionally releases and
forever discharges the Company from any and all claims, demands, causes of action, and liabilities
of any nature, both past and present, known and unknown (“Claims”), resulting from any act or
omission of any kind occurring on or before the date of execution of this Agreement that arise
under contract or common law, or any federal, state or local law, regulation or ordinance.
Executive understands and agrees Executive’s release of claims includes, but is not limited to, the
following: all claims, demands, causes of action and liabilities for past or future loss of pay or
benefits, expenses, damages for pain and suffering, punitive damages, compensatory damages,
attorney’s fees, interest, court costs, physical or mental injury, damage to reputation, and any
other injury, loss, damage or expense or equitable remedy of any kind whatsoever.

     4.3 Executive additionally hereby irrevocably and unconditionally releases and forever
discharges the Company from any and all claims, demands, causes of action and liabilities arising
out of or in any way connected with, directly or indirectly, Executive’s

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employment with the
Company or any incident thereof, including, without limitation, his treatment by the Company or any
other person, the terms and conditions of his employment, and any and all possible state or federal
statutory and/or common law claims, including but not limited to:

     (a) All claims which he might have arising under Title VII of the Civil Rights Act of
1964, as amended, 42 U.S.C. § 2000e, et seq.; The Civil Rights Act, 42 U.S.C. § 1981 and §
1988; Executive Retirement Income Security Act, as amended, 29 U.S.C. § 1001, et seq.;
Americans with Disabilities Act of 1990, 42 U.S.C. § 12101, et seq.; The Age Discrimination
in Employment Act, 29 U.S.C. § 621 et seq.; The Older Worker Benefit Protection Act of 1990;
The Immigration Reform and Control Act, as amended; and/or The Occupational Safety and
Health Act, as amended.;

     (b) All contractual claims for any wages or other employment benefits owed as a result
of Executive’s separation from the Company, and any claims arising from tax obligations of
Executive (including, without limitation, obligations under Internal Revenue Code § 409A, if
any) relating to compensation paid to Executive during
employment or in connection with this Agreement, including, without limitation, any
severance;

     (c) All claims arising under the Civil Rights Act of 1991, 42 U.S.C. § 1981a; and,

     (d) All other claims, whether based on contract, tort (personal injury), or statute,
arising from Executive’s employment, the separation from that employment, or any
investigation and/or interview conducted by or on behalf of the Company.

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     4.4 Executive agrees, promises and represents that his receipt and acceptance of the Section
2.1 payments made after the Termination Date will constitute, in addition to the releases contained
in this Agreement, Executive’s release of all know and unknown claims, promises, causes of action
or similar rights of any type that may have arisen since the date this Agreement was executed
through the date of the last payment received under Section 2.1.

5. D&O Insurance and Indemnification. The Company acknowledges and accepts its continuing
obligation of defense and indemnity under Delaware law applicable to acts of Executive related to
his work as an officer, director, employee, consultant and agent of the Company and agrees to
indemnify Executive in accordance with the provisions of Schedule D attached to this
Agreement.

6. Other Understandings, Agreements, and Representations.

     6.1 Successors and Assigns. Executive agrees this Agreement binds him and also binds his
spouse, children, heirs, executors, administrators, assigns, agents, partners, successors in
interest, and all other persons and entities in privity with him. Executive also understands this
Agreement will inure to the benefit of the Company and its representatives, executors, successors,
and assigns.

     6.2 Confidentiality. Executive promises and represents he will not disclose, disseminate, or
publicize, or cause or permit to be disclosed, disseminated, or publicized, any of the terms of
this Agreement, except (1) to the extent necessary to report income to appropriate taxing
authorities; (2) in response to an order or subpoena of a court of competent jurisdiction; (3) in
response to any subpoena issued by a state or federal governmental agency; and/or (4) as required
by law.

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     6.3 Nondisparagement. Executive promises and represents he will not make or cause to be made
any derogatory, negative or disparaging statements, either written or verbal, about the Company.

     6.4 Protected Information. During the course of employment, Executive has been given access
to the confidential and proprietary information of the Company. This confidential information
includes, but is not limited to, the Company’s human resources and Executive-related information,
strategic business plans, budgets, financial performance and financial statements, operational
information, business and employment contracts, litigation information, compensation information,
and other information that the Company treats as confidential or proprietary. Executive agrees he
will not disclose or use the Company’s confidential or proprietary information. Executive
understands that the Company may seek from a court of competent jurisdiction an injunction to
prohibit such disclosure.

     6.5 Nonsolicitation. Executive agrees he will not during the Consulting Period directly or
indirectly: (i) solicit, recruit or otherwise induce or attempt to induce any employees to leave
the employment of the Company or its affiliates; (ii) interfere with or disrupt the Company’s
relationship with any of its employees, contractors, or accounts; (iii) induce or attempt to induce
any person or entity which is an advertiser, sponsor, client, or contractor with the Company to
cease performing services for or doing business with the Company; (iv) induce or attempt to induce
any person or entity which is an advertiser, sponsor, client, or contractor with the Company to
perform services for, advertise with, or sponsor any other broadcast program or station or
communication company; or (v) influence or attempt to influence any person or persons, firm,
association, syndicate, partnership, company, corporation or other entity that is a contracting
party with the Company to terminate any written or oral agreement with the

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Company, or enter into
any agreement with any such person or entity which would have an adverse effect on the Company.

     6.6 Return of Company Property. On or before the Termination Date, Executive shall return to
the Company all property belonging to the Company the Executive possesses or has possessed but has
provided to a third party, including but not limited to, all equipment or other materials and all
originals and copies of Company documents, files, memoranda, notes, computer-readable information
(maintained on disk or in any other form) and video or tape recordings of any kind other than
personal materials relating solely to the Executive. Executive warrants and represents Executive
has not retained, distributed or caused to be distributed, and shall not retain, distribute or
cause to be distributed, any original or duplicates of any such Company property specified in this
Section.

     6.7 Entire Agreement. This Agreement and the attached Schedules contain the entire
understanding between Executive and the Company and supersede all prior agreements and
understandings relating to the subject matter of this Agreement. This Agreement shall not be
modified, amended, or terminated unless such modification, amendment, or termination is executed in
writing by Executive and an authorized representative of the Company.

     6.8 Dispute Resolution. Any disputes that relate in any way to the provisions of this
Agreement shall be resolved by binding arbitration. The arbitration shall proceed in accordance
with the National Rules for Resolution of Employment Disputes of the American Arbitration
Association (“AAA”) in effect at the time the claim or dispute arose, unless other rules are agreed
upon by the parties. Unless otherwise agreed to by the parties in writing, the arbitration shall be
conducted by one arbitrator who is a member of the AAA or any comparable arbitration service, and
who is selected pursuant to the methods set out in the National Rules for Resolution

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of Employment
Disputes of the AAA, or other rules as the parties may agree to in writing. The Company will pay
the actual costs of arbitration excluding attorneys’ fees. Each party will pay its own attorneys’
fees and other costs incurred by their respective attorneys.

     6.9 Review Period. Executive may take up to twenty-one (21) days from receipt of this
Agreement to decide whether to accept this Agreement. Executive may actually accept and sign this
Agreement at any time within this 21-day period, but Executive is not required to do so by the
Company. If Executive has not signed this Agreement as of the 22nd day after receipt, this offer is
revoked by the Company. In deciding whether to accept the terms of this Agreement, Executive is
advised he may revoke this entire release up to seven days following its execution.

     6.10 No Suit, Action or Proceeding. Executive acknowledges and agrees he will not institute
any suit, action or proceeding, whether at law or equity, challenging the enforceability of this
Agreement. Should Executive ever attempt to challenge the terms of this Agreement, attempt to
obtain an order declaring this Agreement to be null and void, or institute litigation against the
Company based upon a claim which is covered by the terms of the release, Executive will as a
condition precedent to such action repay all amounts paid to him under Section 2.1 of this
Agreement. Furthermore, if Executive does not prevail in an action to challenge this Agreement, to
obtain an order declaring this Agreement to be null and void, or in any action against the Company
based upon a claim which is covered by this release, Executive shall pay to the Company all their
costs and attorneys’ fees incurred in their defense of my action.

     6.11 Waiver of ADEA Claims. Executive understands and agrees that he shall not be required to
repay the amounts paid to him under Section 2.1 of this Agreement or pay the Company its costs and
attorneys’ fees incurred in its defense of this action (except those attorneys’ fees or costs
specifically authorized under federal or state law) in the event Executive

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seeks to challenge his
waiver of claims under the Age Discrimination in Employment Act. Likewise, this Paragraph is in no
way intended to constitute a waiver of Executive’s right to challenge the enforceability of this
Agreement as a defense to any action by the Company against Executive for breach of this Agreement.
Under such circumstances, Executive will not be obligated to repay any amounts paid to him under
Section 2.1 of this Agreement.

     6.12 Age Representation: Executive is over the age of forty at the time of signing this
Agreement.

     6.13 Notice Regarding Attorney: Executive is hereby advised of his right to consult with an
attorney of his choice, at his expense, before signing this Agreement.

     6.14 Governing Law. Unless otherwise specified or required by statute in a particular
jurisdiction which expressly pertains to an employment relationship (e.g., wage payment timing, tax
withholding, etc.), all construction and interpretation of this Agreement shall be governed by and
construed in accordance with the laws of the State of Texas, without giving effect to principles of
conflicts of law.

     6.15 Separability. Executive agrees that, if any single section or clause of this Agreement
should be found invalid or unenforceable, it shall be severed and the remaining sections and
clauses enforced in accordance with the intent of this Agreement.

     6.16 Representations by Executive. Executive represents and certifies that he (1) has
received a copy of this Agreement for review and study and has had ample time to review it before
signing; (2) has read this Agreement carefully; (3) has been given a fair opportunity to discuss
and negotiate the terms of this Agreement; (4) understands its provisions; (5) understands that he
has the right to consult with an attorney; (6) has determined that it is in his best interest to

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enter into this Agreement; (7) has not been influenced to sign this Agreement by any statement or
representation by the Company not contained in this Agreement; and (8) enters into this Agreement
knowingly and voluntarily.

[SIGNATURES ON FOLLOWING PAGE]

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	ACCEPTED AND AGREED:	 	ANDREW W. LEVIN	 	 
	 
	 	 	 	 	 	 
	Date: July 13, 2009	 	/s/ Andrew W. Levin	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	CC MEDIA HOLDINGS, INC.	 	 
	 
	 	 	 	 	 	 
	Date: July 13, 2009

	 	By:	 	/s/ Mark P. Mays	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Mark P. Mays	 	 
	 

	 	Title:
	 	Chief Executive Officer	 	 

Page 11 of 11exv10w1

Exhibit 10.1

Consulting Agreement

This Consulting Agreement is made as of the date of execution by the last party to sign between
Eidetica Biopharma GmBH, a Swiss company whose registered address is Landis & Gyr Strasse 3,
CH-6300 Zug (Eidetica), and Hans Peter Hasler, whose address is Küssnacht, SZ, Switzerland (the
Consultant).

AGREED TERMS

1. Appointment of Consultant.

Eidetica hereby retains the Consultant to provide services to Eidetica as described in Appendix A
(the “Services”). The Consultant agrees to provide the Services to Eidetica to the best of the
Consultant’s abilities.

2. Payments.

In consideration for the Services and of the rights granted to Eidetica by the Consultant
hereunder, Eidetica shall make payments to the Consultant in the amounts and at the times set forth
in Appendix A.

3. No Conflicting Obligations — Disclosure — Non-solicitation.

3.1 The Consultant confirms that he has the authority to execute this agreement in his own name and
that he is not subject to any obligation or commitment that is inconsistent with this Agreement.
The Consultant represents to Eidetica that his signature and his performance of this Agreement do
not and will not conflict with any other employment or any other agreement to which the Consultant
is a party.

3.2 The Consultant warrants that, for the term of this Agreement and any extension thereof agreed
by both parties, he shall remain free from any commitments that would impede the completion of his
obligations hereunder. Furthermore, the Consultant shall notify Eidetica of any consulting
agreements he has or enters into with third parties that relate in any way to the Services.

3.3 For the duration of the Agreement and for six months thereafter the Consultant undertakes not
to employ or solicit for employment any employee or consultant of Eidetica for a business operated
or represented by the Consultant, without the prior written approval of the Board of Eidetica.

4. Time Commitment. The Consultant agrees to dedicate appropriate and sufficient resources
to diligently prepare and perform the Services set forth in Appendix A. In connection therewith,
the Consultant shall make himself available to Eidetica from time to time at such locations as may
be designated by Eidetica and perform the Services in accordance with the instructions of Eidetica
and to the best of the Consultant’s abilities and in accordance with all applicable laws,
regulations and professional standards. The parties agree that, prior to the commencement of
employment of a new Chief Executive Officer, the Consultant would be available to provide the
Services to Eidetica on a 40% full-time equivalent basis (an annual vacation entitlement of 12
working days is assumed in the annual fee), working on as many days or partial days as Eidetica
reasonably deems necessary to secure adequate provision of the Services in accordance with the
provisions of Appendix A. The Consultant must give adequate

 

notice to his Eidetica board contact of his intention of to take vacation. Following appointment of
a new chief executive officer, to succeed Dan Koerwer, the time commitment of the Consultant shall
be reviewed and agreed by the Parties.

5. Intellectual Property and Other Property. The Consultant agrees to make available to
Eidetica and Eidetica shall own and be free to use all intellectual property created, invented or
conceived of by the Consultant in the performance of the Services (collectively, the “Intellectual
Property”). Consultant shall execute and deliver to Eidetica any assignments or other documents
relating to the Intellectual Property as Eidetica may request. Nothing herein shall be deemed to
grant the Consultant any rights or licenses under any patent applications or patents or any
know-how, technology or inventions of Eidetica.

6. Confidentiality. During the course of the performance of the Services, the Consultant
will have access to and may receive or create ideas, know-how, trade secrets, information, data,
processes, substances and the like of Eidetica (the Information).

The Consultant shall keep confidential the Information and shall limit access to the Information to
those persons who require it for the performance of the Services. The Consultant shall not reveal
or disclose the Information or any part thereof to any person, firm, corporation, or other entity
nor use (except as contemplated hereunder) the Information or any part thereof without first
obtaining the written consent of Eidetica.

The non-use and non-disclosure provisions shall apply during the term of this Agreement and,
notwithstanding anything in this Agreement to the contrary, shall continue in effect for a period
of ten (10) years following expiration or termination of this Agreement.

The Consultant shall be responsible and shall take all practicable steps to ensure that any person,
firm, corporation, or other entity to which it would disclose Information after Eidetica’s written
approval as well as all the Consultant’s directors, officers, employees or agents agree to abide by
the same obligations of confidentiality and non-use set forth in this Agreement.

At Eidetica’s request, the Consultant shall return to Eidetica all parts of the Information
provided by or on behalf of Eidetica in documentary form and shall return or destroy all copies
thereof made by the Consultant.

The obligations of confidential treatment under this Section shall not apply to any information,
which the Consultant can demonstrate by documented evidence:

(a) Was known to the Consultant prior to receipt thereof from Eidetica;

(b) Was or becomes a matter of public information or publicly available through no act or failure
to act on the part of the Consultant; or

(c) Was lawfully acquired by the Consultant from a third party entitled to freely disclose such
information to the Consultant.

The Consultant acknowledges that disclosure of the Information or use of the Information contrary
to the provisions of this Agreement shall cause irreparable harm for which damages at law will not
be an adequate remedy, and the Consultant agrees that the provisions of this Agreement prohibiting
disclosure of the Information or use contrary to the provisions hereof may be specifically enforced

 

by a court of competent jurisdiction. Notwithstanding, but not in limitation of the foregoing, the
Consultant shall be responsible to Eidetica for any damages arising from the breach by the
Consultant of its covenants and obligations in this Section, in addition to any and all other
remedies available to Eidetica at law or in equity.

Except as required by law, neither party shall use the name of the other party in connection with
any publicity without the prior written approval of the other party.

7. Term and Termination. The Consultant’s appointment shall begin on the commencement date
set forth in Appendix A (the “Commencement Date”) and shall remain in force (a) for an initial term
that ends on 31 December 2009 (the “Initial Term”) and (b), thereafter, indefinitely, subject to
earlier termination as provided in this clause 7. Either party may terminate this Agreement, with
termination effective upon expiry of the Initial Term or, at any time thereafter, by giving six (6)
months’ notice, in writing and sent by registered mail, to the other party. Either party may
terminate the agreement forthwith in the event of material breach by the other party.
Notwithstanding the foregoing, the parties acknowledge the mandatory right of each party according
to article 404 of the Swiss Code of Obligations to terminate this Agreement with immediate effect
and any time.

The termination of this Agreement shall not relieve either party of its obligation to the other in
respect of:

	 	•	 	Intellectual Property and other property (clause 5)
	 
	 	•	 	Confidentiality (clause 6)

8. Assignment. This Agreement is to engage the personal services of the Consultant only.
The Consultant shall not assign any of his rights or delegate any of his obligations under this
Agreement without the prior written consent of Eidetica, except that, if at any time during the
continuance of this Agreement, the Consultant establishes a company of which he is the sole equity
holder for the purpose of providing the Services, the Consultant may assign his rights and
obligations hereunder to such company by giving prior written notice of such assignment to
Eidetica.

9. Law of the Contract. This Agreement shall be governed by and construed in accordance
with the laws of the Canton of Zug, Switzerland. In case of controversies that cannot be settled
amicably, the matter shall be brought before the courts of the canton of Zug.

10. Independent Contractor. The Consultant shall act as an independent contractor and
nothing in this Agreement should be construed as creating any other relationship. The Consultant
shall not be entitled to any benefits provided by Eidetica to its employees. The Consultant shall
be solely responsible for payment of all service-related and compensation-related charges and taxes
associated with the Consultant’s performance of the Services.

11. Severance. If any one or more provisions of this Agreement shall be found to be
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired and shall remain in full force and effect,
provided the surviving agreement reflects the parties’ original intent.

12. Notices. Any notice required or permitted to be given by either party shall be in
writing and shall be deemed given on the date received if delivered personally or by facsimile or
five

 

days after the date postmarked if sent by. mail, return receipt requested, to Eidetica’s address
above or to the Consultant’s address set forth on Appendix A.

13. Entire Agreement. This Agreement including Appendix A sets forth the entire agreement
between the parties with respect to the subject matter contained herein, and may not be modified or
amended except by a written agreement executed by the parties.

In witness whereof, the parties hereto have executed this Agreement.

	 	 	 	 	 	 	 	 	 	 	 
	Eidetica Biopharma GmBH.	 	Consultant	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Signature:

	 	/s/ Daniel E. Koerwer
 

	 	Signature:
	 	/s/ H. P. Hasler
 

	 	 
	Name:

	 	Daniel E. Koerwer
	 	Name:
	 	H. P. Hasler	 	 
	Title:

	 	President
	 	Title:
	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Date:

	 	28 April 09
	 	Date:
	 	April 30, 2009	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Signature:

	 	/s/ Thomas Kuriyan
 

	 	 	 	 	 	 
	Name:

	 	Thomas Kuriyan
	 	 	 	 	 	 
	Title:

	 	CFO
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Date:

	 	29.4.09

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