Document:

First Amended and Restated Management Agreement

 Exhibit 10.1 
 Execution Version 
 FIRST AMENDED AND RESTATED MANAGEMENT AGREEMENT 
 This First Amended and Restated Management Agreement (this “Agreement”) is entered into as of July 28, 2008 by and among CC Media
Holdings, Inc., a Delaware corporation (“New Holdco”), BT Triple Crown Merger Co., Inc., a Delaware corporation (“Triple Crown”), B Triple Crown Finco, LLC, a Delaware limited liability company (“B
Finco”), T Triple Crown Finco, LLC, a Delaware limited liability company (“T Finco” and together with B Finco, the “Fincos”), THL Managers VI, LLC, a Delaware limited liability company
(“THL”), and Bain Capital Partners, LLC, a Delaware limited liability company (“Bain” and together with THL, the “Managers”; provided that after the Closing (as hereinafter defined) a Manager shall
continue to be a “Manager” for all purposes hereunder only for the period when such Manager’s Affiliated Funds own, directly or indirectly, equity interests in New Holdco or its successor(s) in an amount sufficient to entitle that
Manager or those funds (whether by ownership of Shares, contract or otherwise) to nominate, appoint or elect at least one director of New Holdco or its successor(s), or of a Holding Company, as hereinafter defined, that in turn controls New Holdco
or its successor(s)). Certain capitalized terms used herein are specifically defined in Section 6. 
 RECITALS 
 WHEREAS, each of B Finco, T Finco and Triple Crown, has been formed for the purpose of engaging in a transaction in which Triple Crown will be merged
with and into Clear Channel Communications, Inc., a Texas corporation (the “Company”), with the Company surviving (the “Merger”) pursuant to an Agreement and Plan of Merger among the Fincos, Triple Crown and the
Company dated as of November 16, 2006 (as amended from time to time, the “Merger Agreement”); 
 WHEREAS, on
March 1, 2007, Triple Crown, the Fincos and the Managers entered into a Management Agreement (the “Original Management Agreement”) pursuant to which the Managers agreed, among other things, to provide certain services to Triple
Crown and the Fincos in connection with the Merger Agreement (as then in effect); 
 WHEREAS, the Merger Agreement was amended on
April 18, 2007, and again on May 17, 2007 to, among other things, add New Holdco as a party to the Merger Agreement to provide shareholders of the Company an opportunity to elect (on the terms and subject to the conditions of the Merger
Agreement) to receive shares of New Holdco as part of the merger consideration in the Merger; 
 WHEREAS, to enable New Holdco, Triple Crown
and the Fincos to engage in the Merger and related transactions, the Managers provided financial and structural advice and analysis as well as assistance with due diligence investigations and negotiations (the “Financial Advisory
Services”); 
 WHEREAS, New Holdco, Triple Crown and the Fincos want to retain the Managers to provide certain management,
consulting and advisory services to the Clear Channel Corporations, and the Managers are willing to provide such services on the terms set forth below; and 

 WHEREAS, in connection with the May 17, 2007 amendment to the Merger Agreement, the Managers have
agreed to restrict the amount of certain fees payable to them or their affiliates as and to the extent set forth in the Side Letter and the parties hereto therefore wish to amend and restate the Original Management Agreement by entering into this
Agreement (which amends, restates and supersedes the Original Management Agreement). 
 AGREEMENT 
 NOW THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto, intending to be legally bound, hereby agree as follows:

 1. Services. Each of the Managers hereby agrees that, during the term of this Agreement specified in Section 3 hereof (the
“Term”), it will provide the following types of management, consulting and advisory services to the Clear Channel Corporations as requested from time to time by the Boards of Directors or Managers, as applicable, of the Clear Channel
Corporations and agreed by the Managers: 
 (a) advice in connection with the negotiation of agreements, contracts, documents
and instruments relating to the Clear Channel Corporations’ financing; 
 (b) financial, managerial and operational
advice in connection with the Clear Channel Corporations’ business, including, without limitation, advice with respect to the development and implementation of strategies for improving the operating, marketing and financial performance of the
Clear Channel Corporations; and 
 (c) such other services (which may include financial and strategic planning and analysis,
consulting services, human resources and executive recruitment services and other services) as such Manager and the Clear Channel Corporations may from time to time agree in writing. 
 Each Manager shall devote such time and efforts to the performance of services contemplated hereby as are reasonably necessary or appropriate; provided, however, that no minimum number of hours is or will be
required to be devoted by Bain or THL on a weekly, monthly, annual or other basis. The Clear Channel Corporations acknowledge that each of the Managers’ services are not exclusive to any of the Clear Channel Corporations and that each Manager
will render similar services to other persons and entities. The Managers and the Clear Channel Corporations understand that the Clear Channel Corporations may, at times, engage one or more investment bankers or financial advisers to provide services
in addition to services provided by the Managers under this Agreement. In providing services to the Clear Channel Corporations, each Manager will act as an independent contractor and it is expressly understood and agreed that this Agreement is not
intended to create, and does not create, any partnership, agency, joint venture or similar relationship and that no party has the right or ability to contract for or on behalf of any other party or to effect any transaction for the account of any
other party. 
  

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 2. Payment of Fees. 
 (a) In consideration of the Managers providing the Financial Advisory Services, the Clear Channel Corporations will, jointly and
severally, pay or cause to be paid to the Managers (or such affiliates of the Managers as they may respectively designate), a fee in the amount of $87.5 million payable either (i) if the Closing occurs under the Merger Agreement, promptly
upon Closing or (ii) in the event the Merger Agreement is terminated prior to the Closing, as promptly as practicable following such termination. Any fee payable under this Section 2(a) shall be equally divided between the two Managers
(that is, $43.75 million to or at the direction of each Manager). 
 (b) From and after the Closing until the termination of
this Agreement (as provided in Section 3 below), but subject to Section 2(c), the Clear Channel Corporations, jointly and severally, will pay to the Managers (or such affiliates as they may respectively designate) a non-refundable periodic
retainer fee (the “Periodic Retainer Fee”) at a rate not greater than $15.0 million per year (the amount of the Periodic Retainer Fee to be determined by the Managers and the Clear Channel Corporations and approved by the board
of directors of New Holdco, and, to the extent required by the Side Letter, also approved by the independent directors) as follows: the Company will pay one-half of the Periodic Retainer Fee in advance on the first business day of each March and
September commencing on September 1, 2008; provided, however, that the Clear Channel Corporations will pay the first such semi-annual installment (subject to pro-ration as provided below, to correspond to the period from the Closing Date
through September 1, 2008) upon the later of the Closing under the Merger Agreement and the receipt of any independent board approvals required by the Side Letter. The Periodic Retainer Fee shall be pro-rated for any partial year after the
Closing during which this Agreement is in effect based on the number of days in such year in during which this Agreement is in effect. Periodic Retainer Fees shall not be refundable in whole or in part. At such times as there continue to be two
Managers, the Periodic Retainer Fee shall be divided between the two Managers equally, one-half to each Manager, unless at any time after the Closing a Manager or such Manager’s Affiliated Funds are entitled (whether by ownership of Shares,
contract or otherwise) to nominate, appoint or elect a different number of directors of New Holdco or its successor (or of any Holding Company that in turn controls New Holdco or its successor) than the number of such directors that the other
Manager and its Affiliated Funds are so entitled to nominate, appoint or elect, in which case the Periodic Retainer Fee shall be divided between the Managers in the same proportion as the relative numbers of directors of New Holdco or its successor
(or of any Holding Company that in turn controls New Holdco or its successor) that they and their Affiliated Funds are so entitled to nominate, appoint or elect; and at such times (if any) as there is only one Manager, the Periodic Retainer Fee will
be payable in full to that remaining Manager. 
  

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 (c) Notwithstanding the foregoing provisions of subsection (b): 
 (i) no fees shall be paid pursuant to Section 2(b) if payment of such fees would violate the terms of the Side Letter; and

 (ii) if the payment of any fee required by subsections (b) above or Section 3 below would become due at a time
when the Clear Channel Companies (or any of them) are in default in any material respect under the terms of the Principal Clear Channel Credit Facility, or if the payment of any such fee would violate or cause a default under the Principal Clear
Channel Credit Facility, then payment of such amount will be delayed (with interest on such delayed payment to accrue at a rate of eight percent (8%) per annum) until such time as it can be paid without such default, whereupon it will be paid
together with such interest. 
 3. Term. This Agreement shall continue in full force and effect until December 31, 2018;
provided that on the first business day of October 2018 (and on the first business day of each October thereafter until this Agreement is terminated as provided herein) the term of this Agreement shall be automatically extended for an
additional one year unless New Holdco or the Unanimous Managers provide to the other parties hereto written notice of non-renewal prior to such first business day in October. Notwithstanding the foregoing, the Unanimous Managers may elect to
terminate this Agreement at any time. Upon any termination of the Agreement, the Company will (subject to Section 2(c)) pay any and all accrued and unpaid fees then owing under this Agreement as promptly as practicable. Sections 4 through 14 of
this Agreement shall survive any termination of this Agreement with respect to matters occurring before, on or after the date of such termination. 
 4. Expenses; Indemnification. 
 (a) Expenses. The Clear Channel Corporations, jointly and severally,
will pay on demand all Reimbursable Expenses. As used herein, “Reimbursable Expenses” means (i) all expenses incurred or accrued prior to the date on which the transactions contemplated by the Merger Agreement are consummated
(the “Closing Date”) by any of the Managers or their affiliates in connection with this Agreement, the Merger or any related transactions, consisting of their respective out-of-pocket expenses for travel and other incidentals in
connection with such transactions (including, without limitation, all air travel (by first class on a commercial airline or by charter or at charter equivalent rates in case of private aircraft, as determined by the party seeking reimbursement) and
other travel related expenses) and the out-of-pocket expenses and the fees and charges of (A) Ropes & Gray LLP, (B) Weil, Gotshal & Manges, LLP, (C) Dow Lohnes PLLC, (D) Leventhal Senter & Lerman PLLC,
(E) any foreign counsel retained by the Managers in connection with the transaction, (F) PriceWaterhouseCoopers, (G) Bain & Company, (H) Marsh McClennan, insurance specialists, (I) LEK Consulting, (J) Georgeson
Inc., (K) Leo J. Shapiro & Associates and (L) any other consultants or advisors retained by the Managers in connection with such transactions, (ii) reasonable out-of-pocket expenses incurred from and after the Closing Date
relating to their affiliated funds’ investment in, the operations of, or the services provided by the Managers or former Managers to, the Clear Channel 

  

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Corporations or any of their affiliates from time to time (including, without limitation, all air travel (by first class on a commercial airline or by
charter, as determined by the appropriate Manager or former Manager) and other travel related expenses), (iii) reasonable out-of-pocket legal expenses incurred by any Manager or former Manager or their affiliates in connection with the
enforcement of rights or taking of actions under this Agreement, under the Clear Channel Corporations’ certificates of incorporation and bylaws, or under any subscription agreements, stockholders agreements, registration rights agreements,
voting agreements or similar agreements entered into with a Clear Channel Corporation in connection with investments in the Company and/or its subsidiaries (subject to any applicable limitations on expense reimbursement rights expressly set forth in
such agreements) and (iv) expenses incurred by the Managers or former Managers, and their affiliates, which the Unanimous Managers agree are properly allocable to the Clear Channel Corporations under this Agreement. 
 (b) Indemnity and Liability. The Clear Channel Corporations, jointly and severally, will indemnify, exonerate and hold each of the
Managers and former Managers, and each of their respective partners, shareholders, members, affiliates, directors, officers, fiduciaries, managers, controlling Persons, employees and agents and each of the partners, shareholders, members,
affiliates, directors, officers, fiduciaries, managers, controlling Persons, employees and agents of each of the foregoing (collectively, the “Indemnitees”) free and harmless from and against any and all actions, causes of action,
suits, claims, liabilities, losses, damages and costs and out-of-pocket expenses in connection therewith (including reasonable attorneys’ fees and expenses) incurred by the Indemnitees or any of them before or after the date of this Agreement
(collectively, the “Indemnified Liabilities”), as a result of, arising out of, or in any way relating to (i) this Agreement, the Merger, any transaction to which a Clear Channel Corporation is a party or any other circumstances
with respect to a Clear Channel Corporation or (ii) operations of, or services provided by any of the Managers or former Managers to the Clear Channel Corporations, or any of their affiliates from time to time, whether pursuant to this
Agreement or otherwise (including but not limited to any indemnification obligations assumed or incurred by any Indemnitee to or on behalf of any Clear Channel Corporation or any of their accountants or other representatives, agents or affiliates);
provided that the foregoing indemnification rights shall not be available to the extent that any such Indemnified Liabilities arose on account of such Indemnitee’s gross negligence or willful misconduct, and further provided that,
if and to the extent that the foregoing undertaking may be unavailable or unenforceable for any reason, the Clear Channel Corporations hereby agree to make the maximum contribution to the payment and satisfaction of each of the Indemnified
Liabilities which is permissible under applicable law. For purposes of this Section 4(b), none of the circumstances described in the limitations contained in the first proviso in the immediately preceding sentence (i.e., an Indemnitee’s
gross negligence or willful misconduct) shall be deemed to apply absent a final non-appealable judgment of a court of competent jurisdiction to such effect, in which case to the extent any such limitation is so determined to apply to any Indemnitee
as to any previously advanced indemnity payments made by the Clear Channel Corporations, then such payments shall be 

  

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promptly repaid by such Indemnitee to the Clear Channel Corporations. The rights of any Indemnitee to indemnification hereunder will be in addition to any
other rights any such person may have under any other agreement or instrument referenced above or any other agreement or instrument to which such Indemnitee is or becomes a party or is or otherwise becomes a beneficiary or under law or regulation.
None of the Indemnitees shall in any event be liable to the Clear Channel Corporations or any of their affiliates for any act or omission suffered or taken by such Indemnitee in connection with, relating to or arising out of this Agreement,
including without limitation the services provided by such Indemnitee to any of the Clear Channel Corporations or any of their affiliates (a) that does not constitute gross negligence or willful misconduct or (b) in excess of the fees
received by the applicable Manager hereunder. If the Indemnitees related to more than one Manager or former Manager are similarly situated with respect to their interests in connection with a matter that may be an Indemnified Liability and such
Indemnified Liability is not based on a Third-Party Claim, the Indemnitees may enforce their rights pursuant to this Section 4(b) with respect to such matter only with the consent of at least a majority of the Managers or former Managers whose
Indemnitees are so involved. In the event that any party that was previously a Manager hereunder ceases to be a Manager in accordance with the definition thereof, the provisions hereof for the benefit of Indemnitees of such party shall inure to such
Indemnitees and their successors and assigns. 
 5. Disclaimer and Limitation of Liability; Opportunities. 
 (a) Disclaimer; Standard of Care. None of the Managers or former Managers makes any representations or warranties, express or
implied, in respect of the services to be provided by any Manager or former Manager hereunder. In no event shall any of the Managers or former Manager be liable to the Clear Channel Corporations or any of their affiliates for any act, alleged act,
omission or alleged omission that does not constitute gross negligence or willful misconduct of such Manager or former Manager as determined by a final, non-appealable determination of a court of competent jurisdiction. 
 (b) Freedom to Pursue Opportunities. In recognition that each Manager or former Manager and their respective Indemnitees currently
have, and will in the future have or will consider acquiring, investments in numerous companies with respect to which each Manager or former Manager or their respective Indemnitees may serve as an advisor, a director or in some other capacity, and
in recognition that each Manager or former Manager and their respective Indemnitees have myriad duties to various investors and partners, and in anticipation that the Clear Channel Corporations, on the one hand and each of the Managers or former
Managers (or one or more affiliates, associated investment funds or portfolio companies), on the other hand, may engage in the same or similar activities or lines of business and have an interest in the same areas of corporate opportunities, and in
recognition of the benefits to be derived by the Clear Channel Corporations hereunder and in recognition of the difficulties which may confront any advisor who desires and endeavors fully to satisfy such advisor’s duties in determining the full
scope of such duties in any 

  

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particular situation, the provisions of this Section 5(b) are set forth to regulate, define and guide the conduct of certain affairs of the Clear
Channel Corporations as they may involve such Manager. Except as a Manager or former Manager may otherwise agree in writing after the date hereof: 
 (i) Such Manager or former Manager and its respective Indemnitees shall have the right: (A) to directly or indirectly engage in any business (including, without limitation, any business activities or lines of
business that are the same as or similar to those pursued by, or competitive with, any of the Clear Channel Corporations), (B) to directly or indirectly do business with any client or customer of any of the Clear Channel Corporations,
(C) to take any other action that such Manager or former Manager believes in good faith is necessary to or appropriate to fulfill its obligations as described in the first sentence of this Section 5(b), and (D) not to present
potential transactions, matters or business opportunities to the Clear Channel Corporations or any of their subsidiaries, and to pursue, directly or indirectly, any such opportunity for itself, and to direct any such opportunity to another person.

 (ii) Such Manager or former Manager and their respective Indemnitees shall have no duty (contractual or otherwise) to
communicate or present any corporate opportunities to the Clear Channel Corporations or any of their affiliates or to refrain from any actions specified in Section 5(b)(i), and the Clear Channel Corporations, on their own behalf and on behalf
of their affiliates, hereby renounce and waive any right to require such Manager or former Manager or any of their Indemnitees to act in a manner inconsistent with the provisions of this Section 5(b). 
 (iii) None of such Manager or former Manager, nor any of its Indemnitees shall be liable to the Clear Channel Corporations or any of their
affiliates for breach of any duty (contractual or otherwise) by reason of any activities or omissions of the types referred to in this Section 5(b) or of any such person’s participation therein. 
 (c) Limitation of Liability. In no event will any of the Managers or former Managers or any of their Indemnitees be liable
to the Clear Channel Corporations or any of their affiliates or either of the other Managers or former Managers or their Indemnitees for any indirect, special, incidental or consequential damages, including, without limitation, lost profits or
savings, whether or not such damages are foreseeable, or for any third party claims (whether based in contract, tort or otherwise), relating to, in connection with or arising out of this Agreement, including without limitation the services to be
provided by the Managers or former Managers hereunder, or for any act or omission that does not constitute gross negligence or willful misconduct or in excess of the fees received by the applicable Manager hereunder. 
  

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 6. Definitions. For purposes of this agreement, the following terms shall have the following
meanings: 
 “Affiliated Funds” shall mean, (i) with respect to any specified investment fund, any other
investment fund that directly or indirectly controls, is controlled by or is under common control with such specified fund or that has the same general partner or primary investment advisor as such specified fund (or a general partner or primary
investment advisor that controls, is controlled by or is under common control with the general partner or primary investment advisor of such specified fund) or (ii) with respect to any Manager, any investment fund for which that Manager or any
of its affiliates is the primary investment advisor or that directly or indirectly controls, is controlled by or is under common control with such Manager, or that is an Affiliated Fund (under clause (i) above) of any such investment fund.

 “Closing” shall have the meaning as defined in the Merger Agreement. 
 “Clear Channel Corporation” shall initially mean New Holdco and Triple Crown and shall also include any and all
successors and direct or indirect wholly-owned subsidiaries of New Holdco or Triple Crown or their successors (including, after the Closing, the Company and its wholly-owned subsidiaries) and all Holding Companies. 
 “Common Stock” shall mean the common stock of New Holdco. 
 “Holding Company” shall mean, as of any date, a corporation or limited liability company whose primary assets (other than
cash and cash equivalents) are (i) the common stock of New Holdco held directly by such Person and/or (ii) the equity securities of a corporation or limited liability company or other Persons the primary assets of which (other than cash
and cash equivalents) are direct or indirect interests through one or more Persons in the Company. 
 “Person” means any individual or corporation, association, partnership, limited liability company, joint venture, joint stock or other company, business trust, trust, organization, or other entity of any kind. 

“Principal Clear Channel Credit Facility” means, from time to time after the Closing, the Credit Agreement to be
entered into at or about the time of Closing among certain of the Clear Channel Companies and their affiliates, Citibank, N.A., Deutsche Bank Trust Company Americas and certain of their affiliates and other lender parties (or, in the event of any
substitution or replacement of such facility, whether due to refinancing or otherwise, any replacement or substitute senior credit facility that serves as the principal credit facility for the Company). 
 “Shares” shall mean at any time all shares of capital stock of New Holdco (and any successor or survivor to New Holdco)
or of any Holding Company that in turn controls New Holdco (or any successor or survivor to New Holdco) held directly or indirectly by a Manager or its Affiliated Funds. 
  

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 “Side Letter” shall mean that certain letter agreement with respect to
restrictions on transactions between New Holdco and certain affiliates contemplated by the Voting Agreement dated a as of May 26, 2007 among Triple Crown, B Finco, T Finco, New Holdco, Highfields Capital I LP, a Delaware limited partnership,
Highfields Capital II LP, a Delaware limited partnership, Highfields Capital III LP, an exempted limited partnership organized under the laws of the Cayman Islands, B.W.I., and Highfields Capital Management LP, a Delaware limited partnership.

 “Third-Party Claim” shall mean any (i) claim brought by a Person other than a Clear Channel
Corporation, a Manager or any indemnified Person related to a Manager and (ii) any derivative claim brought in the name of a Clear Channel Corporation that is initiated by a Person other than a Manager or any indemnified Person related to a
Manager. 
 “Unanimous Managers” shall mean, as of any applicable time, (i) if THL and Bain is each a
Manager, both THL and Bain, (ii) if THL is the only Manager, THL and (iii) if Bain is the only Manager, Bain. 
 7. Assignment,
etc. Except as provided below, none of the parties hereto shall have the right to assign this Agreement without the prior written consent of each of the other parties. Notwithstanding the foregoing, (a) any Manager may assign all or part of
its rights and delegate its obligations hereunder to any of its respective affiliates which provides services similar to those called for by this Agreement, in which event such Manager shall be released of its rights to receive further fees under
Section 2 and further reimbursement of expenses under Section 4(a) and all of its obligations hereunder and such designated affiliate shall succeed to such rights and obligations, (b) a successor by merger to New Holdco or Triple
Crown (including, upon the Closing, the Company as successor to Triple Crown) shall succeed to rights and obligations of New Holdco and/or Triple Crown, as applicable, hereunder and (c) the provisions hereof for the benefit of Indemnitees of
the Managers shall inure to the benefit of such Indemnitees and their successors and assigns. 
 8. Amendments and Waivers. No
amendment or waiver of any term, provision or condition of this Agreement shall be effective, unless in writing and executed by the Unanimous Managers and the Clear Channel Corporations; provided, that any Manager may waive any portion of any
fee to which it is entitled pursuant to this Agreement, and, unless otherwise directed by such Manager, such waived portion shall revert to the Clear Channel Corporations. No waiver on any one occasion shall extend to or effect or be construed as a
waiver of any right or remedy on any future occasion. No course of dealing of any person nor any delay or omission in exercising any right or remedy shall constitute an amendment of this Agreement or a waiver of any right or remedy of any party
hereto. 
  

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 9. Governing Law; Jurisdiction. 
 (a) Choice of Law. This Agreement and all matters arising under or related to this Agreement shall be governed by and construed in
accordance with the domestic substantive laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction. 

(b) Consent to Jurisdiction. Each party to this Agreement, by its execution hereof, (i) hereby irrevocably submits to the
exclusive jurisdiction of the state and federal courts sitting in the State of Delaware for the purpose of any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon
this Agreement or relating to the subject matter hereof, (ii) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, and agrees not to allow any of its subsidiaries to assert, by way of motion, as a defense or
otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that any such proceeding brought in one of the above-named
courts is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by such court and (iii) hereby agrees not to commence or maintain any action, claim, cause of action or suit (in contract, tort or
otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof or thereof other than before one of the above-named courts nor to make any motion or take any other action seeking
or intending to cause the transfer or removal of any such action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation to any court other than one of the above-named courts whether on the grounds of
inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any litigation in connection with which it may assert indemnification rights set forth in this agreement, the court in which
such litigation is being heard shall be deemed to be included in clause (i) above. Notwithstanding the foregoing, any party to this Agreement may commence and maintain an action to enforce a judgment of any of the above-named courts in any
court of competent jurisdiction. Each party hereto hereby consents to service of process in any such proceeding in any manner permitted by Delaware law, and agrees that service of process by registered or certified mail, return receipt requested, at
its address specified pursuant to Section 11 hereof is reasonably calculated to give actual notice. 
 (c) WAIVER OF
JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN
RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER 

  

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HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING.
EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 9(c) CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED
HEREBY. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 9(c) WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 
 10. Entire Agreement. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof and supersedes any
prior communication or agreement with respect thereto. 
 11. Notice. Any notices and other communications required or permitted in
this Agreement shall be effective if in writing and (a) delivered personally, (b) sent by facsimile or e-mail (if provided and the recipient acknowledges receipt thereof by reply e-mail or otherwise), or (c) sent by overnight courier,
in each case, addressed as follows: 
 If to a Clear Channel Corporation, (x) if prior to the Closing Date, to it c/o
Bain and THL at the addresses for them listed below and (y) if on or after the Closing Date to it at the corporate headquarters of the Company to the attention of its President; and, in either such case, with copies to: 
 Ropes & Gray LLP 
 One International Place 
 Boston, Massachusetts 02210 
 Facsimile: (617) 951-7050 
 Attention: David C. Chapin, Esq. 
 E-mail: david.chapin@ropesgray.com 
 If to Bain, to it: 
 Bain Capital Partners, LLC 
 111 Huntington Avenue 
 Boston, Massachusetts 02199 
 Facsimile: (617) 516-2010 
 Attention: John Connaughton & Ian Loring

 E-mail: jconnaughton@baincapital.com and iloring@baincapital.com 
  

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 with copies to: 
 Ropes & Gray LLP 
 One International Place 
 Boston, Massachusetts 02110 
 Facsimile: (617) 951-7050 
 Attention: Alfred O. Rose, Esq. 
 E-mail: alfred.rose@ropesgray.com 
 If to THL, to it: 
 c/o Thomas H. Lee Partners 
 100 Federal Street 
 Boston, Massachusetts 02110 
 Facsimile: (617) 227-3514 
 Attention: Scott Sperling and Kent Weldon 
 E-mail: ssperling@thlee.com and kweldon@thlee.com 
 with copies to: 
 Ropes & Gray LLP 
 One International Place 
 Boston, Massachusetts 02110 
 Facsimile: (617) 951-7050 
 Attention: David C. Chapin, Esq. 
 E-mail: david.chapin@ropesgray.com 
 Unless otherwise specified herein, such notices or other communications shall be deemed effective (a) on the date received, if personally delivered, (b) on the date received if delivered by facsimile or e-mail (subject to the
recipient confirming receipt thereof in the case of e-mail) on a business day, or if not delivered on a business day, on the first business day thereafter and (c) two business days after being sent by overnight courier. Each of the parties
hereto shall be entitled to specify a different address by giving notice as aforesaid to each of the other parties hereto. 
 12.
Severability. In the event that any provision hereof would, under applicable law, be invalid or unenforceable in any respect, such provision shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum
extent compatible with, and possible under, applicable law. The provisions hereof are severable, and in the event any provision hereof should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise
affect any other provision hereof. 
 13. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall
be deemed an original, but all of which taken together shall constitute one instrument. A facsimile signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were
an original. 
  

 12 

 14. Payments. Each payment made pursuant to Section 2 or 3 shall be paid by wire transfer of
immediately available federal funds to the accounts specified on Schedule 1 hereto, or to such other account(s) as the applicable Manager may specify to the Company in writing prior to such payment. 
 15. Clear Channel and Holding Companies’ Joinders. The parties hereto agree that from and after the date hereof, they shall cause each
Holding Company (whether now or hereafter existing) and will cause the Company (at the Closing) to execute a joinder to become a party to this Agreement and agree to be bound by all of the provisions of this Agreement, including those that are
applicable to such Holding Company as a “Clear Channel Corporation”. 
 16. This Agreement expressly supersedes and replaces the
Original Management Agreement. 
 [Remainder of Page Intentionally Left Blank; Signature Pages follow] 
  

 13 

 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed on its behalf as
an instrument under seal as of the date first above written by its officer or representative thereunto duly authorized. 
  

							
	 THE INITIAL CLEAR
 CHANNEL COMPANIES:
	 		 	 CC MEDIA HOLDINGS, NC.

				
		 		 	By:	 	 /s/ Scott M. Sperling

		 		 		 	 Name: Scott M. Sperling
 Title:
President

  
  

							
		 		 	 BT TRIPLE CROWN MERGER CO., INC.

				
		 		 	By:	 	 /s/ Scott M. Sperling

		 		 		 	 Name: Scott M. Sperling
 Title:
President

  
  

							
		 		 	 B TRIPLE CROWN FINCO, LLC 

				
		 		 	By:	 	 /s/ John P. Connaughton

		 		 		 	 Name: John P. Connaughton
 Title:
President

  
  

							
		 		 	 T TRIPLE CROWN FINCO, LLC 

				
		 		 	By:	 	 /s/ Scott M. Sperling

		 		 		 	 Name: Scott M. Sperling
 Title:
Co-President

 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed on its behalf as
an instrument under seal as of the date first above written by its officer or representative thereunto duly authorized. 
  

							
	            BAIN:	 		 	 BAIN CAPITAL PARTNERS, LLC
 By: Bain
Capital LLC, its sole member

				
		 		 	By:	 	 /s/ John P. Connaughton

		 		 		 	 Name: John P. Connaughton
 Title: Authorized
Person

  
  
  

							
	            THL:	 		 	 THL MANAGERS VI, LLC
 By:
Thomas H. Lee Partners, L.P., its managing member
 By: Thomas H. Lee Advisors, LLC, its general partner

				
		 		 	By:	 	 /s/ Scott M. Sperling

		 		 		 	 Name: Scott M. Sperling
 Title: Authorized PersonEmployment Agreement (Randall T. Mays)

 Exhibit 10.5 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 AGREEMENT, dated effective as of July 28, 2008, by
and between BT Triple Crown Merger Co., Inc. (“MergerSub”, together with its successors, the “Company”), CC Media Holdings, Inc. (“Holdings”) and Randall T. Mays (“Executive”). 
 WHEREAS, Clear Channel Communications, Inc., a Texas corporation and Executive previously entered into that certain Employment Agreement dated as of
March 10, 2005 (the “Existing Agreement”); and 
 WHEREAS, Clear Channel Communications, Inc. has entered into an Agreement
and Plan of Merger dated as of November 16, 2006, and amended on April 18, 2007, May 17, 2007 and May 13, 2008 (the “Merger Agreement”), pursuant to which, on the terms and subject to the conditions set forth
therein, MergerSub shall merge within and into Clear Channel Communications, Inc., with Clear Channel Communications, Inc. surviving such merger at and after the Effective Time (as defined in the Merger Agreement), and Holdings shall, on the date of
consummation of the transactions contemplated under the Merger Agreement, be the ultimate parent holding company of the Company; and 
 WHEREAS, the Company and Executive desire to amend and restate the terms of the Existing Agreement between the Company and Executive, to be effective as of the Effective Time. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants set forth below, the parties hereby amend and restate the Existing Agreement
effective as of the Effective Time as follows: 
 1. Employment. The Company hereby agrees to continue to employ Executive as the
President and Chief Financial Officer, and Executive hereby accepts such continued employment, on the terms and conditions hereinafter set forth. 
 2. Term. The period of employment of Executive by the Company under this Agreement (the “Employment Period”) shall commence on the date upon which the Effective Time occurs (the “Effective
Date”) and shall have an original term of five (5) years, and shall be automatically extended thereafter for successive terms of one year each, unless either party provides notice to the other at least twelve months prior to the expiration
of the original or any extension term that the Agreement is not to be extended. The Employment Period may be sooner terminated by either party in accordance with Section 6 of this Agreement. 
 3. Position and Duties. During the Employment Period, Executive shall serve as President and Chief Financial Officer of the Company, and shall
report solely and directly to the Board of Directors (the “Board”) of Holdings. Executive shall have those powers and duties normally associated with the position of President and Chief Financial Officer of entities comparable to the
Company and such other powers and duties as may be prescribed by the Board; provided, that such other powers and duties are consistent with Executive’s position as President and Chief Financial Officer. Executive shall devote as much of his
working time, attention and energies during normal business hours (other than absences due to illness or vacation) to satisfactorily perform his duties for the Company. Notwithstanding the above, 

  

 -1- 

 
Executive shall be permitted, to the extent such activities do not substantially interfere with the performance by Executive of his duties and
responsibilities hereunder or violate Section 11 hereof, to (i) manage Executive’s personal, financial and legal affairs, (ii) serve on civic or charitable boards or committees or on the Board of Directors of Live Nation Inc. and
its committees (it being expressly understood and agreed that Executive’s continuing to serve on any such boards and/or committees on which Executive is serving, or with which Executive is otherwise associated, as of the Effective Date shall be
deemed not to interfere with the performance by Executive of his duties and responsibilities under this Agreement), and (iii) deliver lectures or fulfill speaking engagements. During the Employment Period, for so long as Executive remains an
officer of the Company, (i) Executive shall also serve as a member of the Board of the Company, and (ii) Executive shall also serve as President and Chief Financial Officer of Holdings and as a member of the Board of Holdings. 

4. Place of Performance. The principal place of employment of Executive shall be at the Company’s principal executive offices in San
Antonio, Texas. 
 5. Compensation and Related Matters. 
 (a) Base Salary and Bonus. During the Employment Period, the Company shall
pay Executive a base salary at the rate of not less than $875,000 per year (“Base Salary”). Executive’s Base Salary shall be paid in approximately equal installments in accordance with the Company’s customary payroll practices.
The Compensation Committee of the Board of Holdings (the “Compensation Committee”) shall review Executive’s Base Salary for increase (but not decrease) no less frequently than annually and consistent with the executive compensation
practices and guidelines of the Company and Holdings. If Executive’s Base Salary is increased by the Company, such increased Base Salary shall then constitute the Base Salary for all purposes of this Agreement. In addition to Base Salary,
Executive shall be eligible to receive an annual bonus (the “Performance Bonus”). Unless the Board of Holdings and Executive mutually agree otherwise, the amount of the Performance Bonus shall be determined by the Board of Directors of
Holdings (which may act through its Compensation Committee) in its sole discretion, provided, however, that in any year during the Employment Period in which the Company achieves at least eighty percent (80%) of the budgeted OIBDAN for the
given year (the “Target OIBDAN”), as set forth in the Management Plan previously presented to the Sponsor Group1 (as
defined in the Stockholders Agreement, dated as of July 29, 2008, by and among the Mergersub, Holdings, the Executive, and other stockholders of Holdings (the “Stockholders Agreement”)) and consistent with the requirements of
Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), to the extent applicable, such Performance Bonus shall be no less than $6,625,000. The Management Plan will be subject to equitable adjustment by the
Compensation Committee of Holdings to take into account material acquisitions, dispositions and other material extraordinary events; provided, that the parties hereto will use their reasonable best efforts to facilitate the payment of the bonuses
hereunder on a basis that is consistent with such payments qualifying for the performance-based compensation exception under Section 162(m) of the Code and the regulations thereunder. If the Company does not achieve the Target OIBDAN in any
given year, the amount of the Performance Bonus, if any, shall be determined by the Board of Holdings 
  

	 1
	 Presented on
May 17, 2007. 

  

 2 

 
in its sole discretion. The Performance Bonus, if any, shall be payable in one lump sum between January 1 and March 15 of the year following the
year for which the Performance Bonus was earned. 
 (b) Expenses and Perquisites. The Company shall promptly reimburse
Executive for all reasonable business expenses upon the presentation of reasonably itemized statements of such expenses, in accordance with the Company’s policies and procedures now in force or as such policies and procedures may be modified
generally with respect to senior executive officers of the Company. In addition, during the Employment Period, Executive shall be entitled to, at the sole expense of the Company: 
  

	 	(i)	the use of an automobile appropriate to his position and no less qualitative than the automobile provided to him immediately prior to the date of this Agreement; and

  

	 	(ii)	use of a Company-provided aircraft for personal travel, in accordance with Company policy as in effect on November 16, 2006 (the “Aircraft Benefit”).

 (c) Vacation. Executive shall be entitled to the number of weeks of paid vacation per year that he was
eligible for immediately prior to the date of this Agreement, but in no event less than four (4) weeks annually. Unused vacation may be carried forward from year to year. Vacation shall otherwise be governed by the policies of the Company, as
in effect from time to time. In addition to vacation, Executive shall be entitled to the number of sick days and personal days per year that other senior executive officers of the Company with similar tenure are entitled to under the Company’s
policies. 
 (d) Services Furnished. During the Employment Period, the Company shall furnish Executive with office
space, stenographic and secretarial assistance and such other facilities and services no less favorable than what he was receiving immediately prior to the date of this Agreement or, if better, as provided to other senior executive officers of the
Company (other than the Chairman Emeritus). 
 (e) Welfare, Pension and Incentive Benefit Plans. During the Employment
Period, subject to the terms of the applicable plan documents and generally applicable Company policies, Executive (and his spouse and dependents to the extent provided therein) shall be entitled to participate in and be covered under all the
welfare benefit plans or programs maintained by the Company from time to time for the benefit of its senior executives (other than benefits maintained exclusively for the Chairman Emeritus), including, without limitation, all medical,
hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance plans and programs. During the Employment Period, the Company shall provide to Executive (and his spouse and dependents to the extent provided
under the applicable plans or programs) the same type and substantially equivalent levels of participation and employee benefits (other than severance pay plans and, except with the express consent of the Board of Holdings, incentive bonus programs
other than as explicitly set forth in Section 5(a) hereof) as are being provided to other senior executives (and their spouses and dependents to the extent provided under the applicable plans or programs) on the Effective Date, subject to
modifications affecting all senior executive officers. 
  

 -3- 

 (f) Equity Incentive Award. At or promptly following the Effective Time, the
Company will grant Executive an equity incentive award pursuant to a new equity incentive plan in substantially the form of the Clear Channel 2008 Executive Incentive Plan attached hereto as Exhibit A and related restricted stock and stock
option award agreements in the forms attached hereto as Exhibits B and C, respectively. Executive shall not be eligible to receive any stock options, restricted stock or other equity of the Company or Holdings, whether under an equity
incentive plan or otherwise, except as expressly provided for in this Agreement or as expressly authorized for him individually by the Board of Holdings. 
 (g) Equity Rollover. Effective as of the Effective Date, Executive will exchange 732,859 shares of Company common stock previously issued to him and the currently held options to acquire shares of Company
common stock (“Old Options”) that are identified on Exhibit D, all on the terms and subject to the conditions of a Rollover Option Agreement substantially in the form attached hereto as Exhibit E-1, the Notice of Restricted
Stock Rollover Agreement substantially in the form attached hereto as Exhibit E-2, and the Stock Rollover Agreement substantially in the form attached hereto as Exhibit E-3. The total value (based on, with respect to shares of Company
common stock, the Cash Consideration (as defined under the Merger Agreement), and with respect to the Old Options, the excess of the Cash Consideration over the per share exercise price) by of all of the foregoing will not exceed $10 million.

 6. Termination. Executive’s employment hereunder may be terminated during the Employment Period under the following
circumstances: 
 (a) Death. Executive’s employment hereunder shall terminate upon his death. 
 (b) Disability. If, as a result of Executive’s incapacity due to physical or mental illness, Executive shall have been
substantially unable to perform his duties hereunder notwithstanding the provision of reasonable accommodation for a period of six (6) consecutive months, and within thirty (30) days after written Notice of Termination is given after such
six (6) month period Executive shall not have returned to the substantial performance of his duties on a full-time basis, the Company shall have the right to terminate Executive’s employment hereunder for “Disability”, and such
termination in and of itself shall not be, nor shall it be deemed to be, a breach of this Agreement. 
 (c) Cause. The
Company shall have the right to terminate Executive’s employment for Cause by providing Executive with a written Notice of Termination, and such termination in and of itself shall not be, nor shall it be deemed to be, a breach of this
Agreement. For purposes of this Agreement, “Cause” shall mean: 
  

	 	(i)	Executive’s willful and continued failure to perform his material duties with respect to the Company or its Affiliates which, if curable, continues beyond ten business days
after a written demand for substantial performance is delivered to Executive by the Company; or 

  

	 	(ii)	 Willful or intentional engaging by Executive in material misconduct that causes material and demonstrable injury, 

  

 -4- 

	 	 
monetarily or otherwise, to the Company, the Sponsor Group (as defined in the Stockholders Agreement) or any of their respective Affiliates; or

  

	 	(iii)	Executive’s conviction of, or a plea of nolo contendre to, a crime constituting (A) a felony under the laws of the United States or any state thereof; or (B) a
misdemeanor involving moral turpitude that causes material and demonstrable injury, monetarily or otherwise, to the Company, the Sponsor Group or any of their respective Affiliates; or 

  

	 	(iv)	Executive’s committing or engaging in any act of fraud, embezzlement, theft or other act of dishonesty against the Company or its Affiliates that causes material and
demonstrable injury, monetarily or otherwise, to the Company, the Sponsor Group or any of their respective Affiliates; or 

  

	 	(v)	Executive’s breach of any provision of Section 11 hereof that causes material and demonstrable injury, monetarily or otherwise, to the Company, the Sponsor Group or any of
their respective Affiliates. 

 Whether “Cause” exists shall be determined by at least a majority of the members of the Board of the
Company at a meeting of the Board called and held for such purpose, provided that at least a majority of the members of the Board of Holdings has determined prior to such meeting that Cause exists. 
 (d) Good Reason. Executive may terminate his employment for “Good Reason” by providing the Company with a written Notice
of Termination. The following events, without the written consent of Executive, shall constitute “Good Reason”: 
  

	 	(i)	Reduction in Executive’s Base Salary or annual incentive compensation opportunity, other than any isolated, insubstantial and inadvertent failure by the Company that is not in
bad faith and is cured within ten (10) business days after Executive gives the Company notice of such event; or 

  

	 	(ii)	Substantial diminution in Executive’s title, duties and responsibilities, other than any isolated, insubstantial and inadvertent failure by the Company that is not in bad faith
and is cured within ten (10) business days after Executive gives the Company notice of such event; or 

  

	 	(iii)	Failure by the Company to provide the Aircraft Benefit or any material breach of its obligations to provide such Benefit, which is other than insubstantial, inadvertent, not in bad
faith and is not repeated; or 

  

	 	(iv)	Transfer of Executive’s primary workplace outside the city limits of San Antonio, Texas; 

  

 -5- 

 Executive expressly acknowledges and agrees that the Company’s provision of notice of non-renewal of
the Agreement pursuant to Section 2 hereof, alone or in combination with the transition of Executive’s duties to another employee during the notice period, shall not constitute Good Reason. 
 Executive expressly waives any rights he might otherwise have, under the Existing Agreement or otherwise, to resign for Good Reason or otherwise receive
any compensation in the nature of severance or separation pay or benefits as a result of the transaction contemplated by the Merger Agreement (the “Transaction”). 
 (e) Without Cause. The Company shall have the right to terminate Executive’s employment hereunder without Cause by providing
Executive with a Notice of Termination at least thirty (30) days prior to such termination, and such termination shall not in and of itself be, nor shall it be deemed to be, a breach of this Agreement. In the event of termination pursuant to
this Section 6(e), the Board of the Company may elect to waive the period of notice, or any portion thereof, and, if the Board so elects, the Company will pay Executive his Base Salary for the initial thirty (30) days of the notice period
or for any lesser remaining portion of such period, payable in accordance with the regular payroll practices of the Company. 
 (f) Without Good Reason. Executive shall have the right to terminate his employment hereunder without Good Reason by providing the Company with a Notice of Termination at least thirty (30) days prior to such termination, and
such termination shall not in and of itself be, nor shall it be deemed to be, a breach of this Agreement. In the event of termination pursuant to this Section 6(f), the Board of the Company may elect to waive the period of notice, or any
portion thereof, and, if the Board so elects, the Company will pay Executive his Base Salary for the initial thirty (30) days of the notice period or for any lesser remaining portion of such period, payable in accordance with the regular
payroll practices of the Company. 
 7. Termination Procedure. 
 (a) Notice of Termination. Any termination of Executive’s employment by the Company or by Executive during the Employment
Period (other than termination pursuant to Section 6(a)) shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 15. For purposes of this Agreement, a “Notice of Termination”
shall mean a notice which indicates the specific termination provision in this Agreement relied upon, and sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the
provision so indicated. 
 (b) Date of Termination. “Date of Termination” shall mean (i) if
Executive’s employment is terminated by his death, the date of death, (ii) if Executive’s employment is terminated pursuant to Section 6(b), thirty (30) days after Notice of Termination (provided that Executive shall not
have returned to the substantial performance of his duties on a full-time basis during such thirty (30) day period), and (iii) if Executive’s employment is terminated for any other reason, the date on which a Notice of Termination is
given or any later date set forth in such Notice of Termination. 
  

 -6- 

 8. Compensation Upon Termination or During Disability. In the event Executive is disabled or his
employment terminates during the Employment Period, the Company shall provide Executive with the payments and benefits set forth below; provided, however, that any obligation of the Company to Executive under Section 8(a), other than for Final
Compensation, is expressly conditioned upon Executive signing and returning to the Company a timely and effective release of claims in the form attached hereto as Exhibit F (by the deadline specified therein (any such release submitted by
such deadline, the “Executive Release of Claims”)) and delivering it to the Company within thirty (30) days of the date of his separation from service. Following the Company’s receipt of a timely and effective Release of Claims,
the Company and Holdings shall execute a release of claims in favor of Executive in the form attached hereto as Exhibit G (the “Company Release of Claims”). The Executive Release of Claims required for separation benefits in
accordance with Section 8(a) creates legally binding obligations on the part of Executive, and the Company and its Affiliates therefore advise Executive and his beneficiary or legal representative, as applicable, to seek the advice of an
attorney before signing it. 
 (a) Termination By the Company Without Cause or By Executive for Good Reason. If
Executive’s employment is terminated by the Company without Cause or by Executive for Good Reason: 
  

	 	(i)	the Company shall pay to Executive his Base Salary, Bonus and unused vacation pay accrued or prorated through the Date of Termination, and shall reimburse Executive pursuant to
Section 5(b) for reasonable business expenses incurred but not paid prior to such termination of employment (together, “Final Compensation”). The Base Salary and vacation components of Final Compensation shall be paid in a lump sum as
soon as practicable following the Date of Termination, but in no event later than two and a half months following the end of the taxable year including the Date of Termination. The Bonus component of Final Compensation shall be calculated by
multiplying the amount of the Performance Bonus (if any) Executive would have earned had he remained employed for the full year in which the Date of Termination occurs by a fraction, the numerator of which is the number of days during such year that
Executive was employed and the denominator of which is 365, and shall be paid at the times bonuses for the year in which the Date of Termination occurs are paid to executives of the Company generally, but in no event later than two and a half months
following the end of the taxable year in which the Date of Termination occurs; 

  

	 	(ii)	provided Executive signs and returns a timely and effective Release of Claims, the Company shall pay to Executive a lump-sum cash payment equal to three (3) times the sum of
(A) Executive’s Base Salary and (B) the Bonus paid to Executive for the year prior to the year in which termination occurs; and 

  

	 	(iii)	 provided Executive signs and returns a timely and effective Release of Claims, the Company shall maintain in full force and effect, for the continued benefit of the
Executive and his eligible 

  

 -7- 

	 	 
dependents, for a period of three (3) years following the Date of Termination the medical and hospitalization insurance programs in which the Executive
and his dependents were participating immediately prior to the Date of Termination, at the level in effect and upon substantially the same terms and conditions (including without limitation contributions required by Executive for such benefits) as
existed immediately prior to the Date of Termination; provided, that if Executive or his dependents cannot continue to participate in the Company plans and programs providing these benefits, the Company shall arrange to provide Executive and his
dependents with the economic equivalent of such benefits which they otherwise would have been entitled to receive under such plans and programs (the “Continued Benefits”), provided, that such Continued Benefits shall terminate on the date
or dates Executive receives equivalent coverage and benefits, without waiting period or pre-existing condition limitations, under the plans and programs of a subsequent employer. Notwithstanding anything to the contrary in this
Section 8(a)(iii), the aggregate value (as the same would be determined under Section 280G of the Code) of the Continued Benefits shall in no event exceed Fifty Thousand Dollars ($50,000) (the “Aggregate Cap”); accordingly, the
Company’s obligation to provide the Continued Benefits shall cease once such value of the Continued Benefits that have been provided to the Executive and/or his dependents reaches the Aggregate Cap, even if such date occurs prior to the three
(3)-year anniversary of the Date of Termination. 

 (b) Termination By the Company for Cause or By
Executive Without Good Reason. If Executive’s employment is terminated by the Company for Cause or by Executive other than for Good Reason, the Company shall pay Executive the Final Compensation at the time and in the manner set forth in
Section 8(a)(i) hereof. The Company shall have no further obligation to Executive upon such termination under this Agreement. 
 (c) Disability. During any period that Executive fails to perform his duties hereunder as a result of incapacity due to physical or mental illness (“Disability Period”), Executive shall continue to receive his full Base
Salary set forth in Section 5(a) until his employment is terminated pursuant to Section 6(b), and the Company may, in its discretion, designate another individual to act in Executive’s place, and such designation shall not constitute
Good Reason. In the event Executive’s employment is terminated for Disability pursuant to Section 6(b), the Company shall pay to Executive the Final Compensation at the time and in the manner set forth in Section 8(a)(i) hereof. The
Company shall have no further obligation to Executive upon such termination under this Agreement. 
 (d) Death. If
Executive’s employment is terminated by his death, the Company shall pay the Final Compensation to Executive’s beneficiary, legal representatives or estate, as the case may be, at the time and in the manner set forth in
Section 8(a)(i) hereof. The Company shall have no further obligation to Executive upon such termination under the Agreement. 
  

 -8- 

 (e) Timing of Payments. If at the time of Executive’s separation from
service, Executive is a “specified employee,” as hereinafter defined, any and all amounts payable under this Section 8 in connection with such separation from service that constitute deferred compensation subject to Section 409A
of Code (“Section 409A”), as determined by the Company in its sole discretion, and that would (but for this sentence) be payable within six months following such separation from service, shall instead be paid on the date that follows the
date of such separation from service by six (6) months. For purposes of the preceding sentence, “separation from service” shall be determined in a manner consistent with subsection (a)(2)(A)(i) of Section 409A and the term
“specified employee” shall mean an individual determined by the Company to be a specified employee as defined in subsection (a)(2)(B)(i) of Section 409A. 
 9. Gross-Up Payment. 
  

	 	(i)	Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that any payment, award, benefit or distribution (or any acceleration of any payment,
award, benefit or distribution) to or for the benefit of Executive as a result of the Transaction (the “Payments”) would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code (the “Code”), or any
interest or penalties are incurred by Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then the Company shall pay to
Executive an additional payment (a “Gross-Up Payment”) in an amount such that after payment by Executive of all taxes (including any Excise Tax) imposed upon the Gross-Up Payment, Executive retains an amount of the Gross-Up Payment equal
to the sum of (x) the Excise Tax imposed upon the Payments and (y) the product of any deductions disallowed because of the inclusion of the Gross-Up Payment in Executive’s adjusted gross income and the highest applicable marginal rate
of federal income taxation for the calendar year in which the Gross-Up Payment is to be made. For purposes of determining the amount of the Gross-Up Payment, Executive shall be deemed to (A) pay federal income taxes at the highest marginal
rates of federal income taxes at the highest marginal rate of taxation for the calendar year in which the Gross-Up Payment is to be made, (B) pay applicable state and local income taxes at the highest marginal rate of taxation for the calendar
year in which the Gross-Up Payment is to be made, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes and (C) have otherwise allowable deductions for federal income tax
purposes at least equal to those which could be disallowed because of the inclusion of the Gross-Up Payment in Executive’s adjusted gross income. 

  

 -9- 

	 	(ii)	Subject to the provisions of Section 9(e)(i), all determinations required to be made under this Section 9(e), including whether and when a Gross-Up Payment is required,
the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determinations, shall be made by a nationally recognized public accounting firm that is selected by the Company (the “Accounting Firm”) which shall
provide detailed supporting calculations both to the Company and Executive within fifteen (15) business days of the receipt of notice from the Company or Executive that there has been a Payment, or such earlier time as is requested by the
Company or Executive (collectively, the “Determination”). All fees and expenses of the Accounting Firm shall be borne solely by the Company, and the Company shall enter into any reasonable agreement requested by the Accounting Firm in
connection with the performance of the services hereunder. The Gross-Up Payment under this Section 9(e) with respect to any Payments made to Executive shall be made to the relevant tax authorities no later than the date on which the Excise Tax
on such Payments is due to the relevant tax authorities. If the Accounting Firm determines that no Excise Tax is payable by Executive, it shall furnish Executive with a written opinion to such effect, and to the effect that failure to report the
Excise Tax, if any, on Executive’s applicable federal income tax return should not result in the imposition of a negligence or similar penalty. 

  

	 	(iii)	As a result of the uncertainty in the application of Section 4999 of the Code at the time of the Determination, it is possible that Gross-Up Payments which will not have been
made by the Company should have been made (“Underpayment”) or Gross-Up Payments are made by the Company which should not have been made (“Overpayment”), consistent with the calculations required to be made hereunder. In the event
that Executive thereafter is required to make payment of any Excise Tax or additional Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment (together with interest at the rate
provided in Section 1274(b)(2)(B) of the Code) shall be promptly paid by the Company to or for the benefit of Executive. In the event the amount of the Gross-Up Payment exceeds the amount necessary to reimburse Executive for his Excise Tax, the
Accounting Firm shall determine the amount of the Overpayment that has been made and any such Overpayment (together with interest at the rate provided in Section 1274(b)(2) of the Code) shall be promptly paid by Executive (to the extent he has
received a refund if the applicable Excise Tax has been paid to the Internal Revenue Service) to or for the benefit of the Company. Executive shall cooperate, to the extent his expenses are reimbursed by the Company, with any reasonable requests by
the Company in connection with any contest or disputes with the Internal Revenue Service in connection with the Excise Tax. 

  

 -10- 

	 	(iv)	Executive expressly acknowledges and agrees that the Gross-Up Payment is limited exclusively to Excise Tax that may come due in connection with Payments to or for the benefit of
Executive as a result of the Transaction, and that Executive will not be entitled to any Gross-Up Payments as a result of any change of control that may occur following the Effective Date. 

 10. Mitigation. Executive shall not be required to mitigate amounts payable under this Agreement by seeking other employment or otherwise, and
there shall be no offset against amounts due Executive under this Agreement on account of subsequent employment except as specifically provided herein. Additionally, amounts owed to Executive under this Agreement shall not be offset by any claims
the Company may have against Executive, and the Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any other circumstances, including, without
limitation, any counterclaim, recoupment, defense or other right which the Company may have against Executive or others. 
 11.
Restrictive Covenants. 
 (a) Confidential Information. 
  

	 	(i)	Executive acknowledges that the Company and its Affiliates continually develop Confidential Information, that Executive has developed and will develop Confidential Information for
the Company or its Affiliates, and that Executive has learned and will learn of Confidential Information during the course of his employment. Executive will comply with the policies and procedures of the Company and its Affiliates for protecting
Confidential Information. Executive shall hold in a fiduciary capacity for the benefit of the Company all trade secrets and Confidential Information, knowledge or data relating to the Company, its Affiliates and their businesses and investments,
which shall have been obtained by Executive during Executive’s employment by the Company and which is not generally available public knowledge (other than by acts of Executive in violation of this Agreement or by any other person having an
obligation of confidentiality to the Company or any of its Affiliates). Except as may be required or appropriate in connection with carrying out his duties under this Agreement, Executive shall not, without the prior written consent of the Company
or as may otherwise be required by law or any legal process, or as is necessary in connection with any adversarial proceeding against the Company (in which case Executive shall use his reasonable best efforts in cooperating with the Company in
obtaining a protective order against disclosure by a court of competent jurisdiction), use, communicate or divulge any such trade secrets, Confidential Information, knowledge or data to anyone other than the Company and those designated by the
Company or on behalf of the Company in the furtherance of its business. Executive understands that this restriction shall continue to apply after his employment terminates, regardless of the reason for such termination. 

  

 -11- 

 For purposes of this Agreement, “Confidential Information” shall mean any and all information
of the Company and its Affiliates that is not generally known by those with whom the Company or any of its Affiliates competes or does business, or with whom the Company or any of its Affiliates plans to compete or do business, and any and all
information, publicly known in whole or in part or not, which, if disclosed by the Company or any of its Affiliates, would assist in competition against them. Confidential Information includes without limitation such information relating to
(i) the development, research, testing, manufacturing, marketing and financial activities of the Company and its Affiliates, (ii) the costs, sources of supply, financial performance and strategic plans of the Company and its Affiliates,
(iii) the identity and special needs of the customers of the Company and its Affiliates and (iv) the people and organizations with whom the Company and its Affiliates have business relationships and the nature and substance of those
relationships. Confidential Information also includes any information that the Company or any of its Affiliates has received, or may receive hereafter, belonging to customers or others with any understanding, express or implied, that the information
would not be disclosed to others. 
 For purposes of this Agreement, “Affiliates” shall mean all persons and entities directly or
indirectly controlling, controlled by or under common control with the Company, where control may be by management authority, contract or equity interest. For the avoidance of doubt, Affiliates includes Holdings. 
  

	 	(ii)	All documents, records, tapes and other media of every kind and description relating to the business, present or otherwise, of the Company or its Affiliates, and any copies, in
whole or in part, thereof (the “Documents”), whether or not prepared by Executive, shall be the sole and exclusive property of the Company and its Affiliates. Executive shall safeguard all Documents and shall surrender to the Company at
the time his employment terminates, or at such earlier time or times as the Board of the Company or Holdings or its designee may specify, all Documents then in Executive’s possession or control. 

  

 -12- 

 (b) Restricted Activities. Executive hereby agrees that some restrictions on his
activities during and after his employment are necessary to protect the goodwill, trade secrets, Confidential Information and other legitimate interests of the Company and its Affiliates. In consideration of Executive’s employment hereunder,
and the Company’s agreement to grant Executive access to trade secrets and other Confidential Information of the Company and its Affiliates and to their customers, and in view of the confidential position to be held by Executive hereunder,
Executive agrees as follows: 
  

	 	(i)	Non-Solicitation. During the Employment Period and during the two year period immediately following termination of the Employment Period (the “Restricted Period”),
Executive shall not, directly or indirectly: (A) hire, solicit for hiring or assist in any way in the hiring of any employee or independent contractor of the Company or any of its Affiliates, or induce or otherwise attempt to influence any
employee or independent contractor to terminate or diminish such employment or contractor relationship or to become employed by any other radio broadcasting station or any other entity engaged in the radio business, the television business or in any
other business in which the Company or any of its Affiliates is engaged (which, for the avoidance of doubt, includes without limitation the business of providing clients with advertising opportunities through billboards, street furniture displays,
transit displays and other out-of-home advertising displays, such as wallscapes, spectaculars and mall displays (the “Outdoor Business”)), or (B) solicit or encourage any customer of the Company or any of its Affiliates to terminate
or diminish its relationship with them, or seek to persuade any such customer or prospective customer to conduct with anyone else any business or activity which such customer or prospective customer conducts or could conduct with the Company or any
of its Affiliates. For purposes of this Agreement, an “employee” of the Company or any of its Affiliates is any person who was such at any time within the preceding two years; a “customer” of the Company or any of its Affiliates
is any person or entity who is or has been a customer at any time within the preceding two years; and a “prospective customer” is any person or entity whose business has been solicited on behalf of the Company or any of its Affiliates at
any time within the preceding two years, other than by form letter, blanket mailing or published advertisement. 

  

	 	(ii)	 Non-Competition. During the Restricted Period, Executive shall not, directly or indirectly, whether as owner, partner, investor, consultant, agent, employee,
co-venturer or otherwise, compete with the Company or any of its Affiliates within the United States or anywhere else in the world where the Company or any of its Affiliates does business, or undertake any planning for any business competitive with
the Company or any of its Affiliates. Specifically, but without limiting the foregoing, Executive agrees not to engage in any manner in any activity that is directly or indirectly competitive or potentially competitive with the business of the
Company or any of its Affiliates as conducted or under consideration at any time during Executive’s employment, and Executive further agrees not to work for or provide services to, in any capacity, whether as an employee, independent contractor
or otherwise, whether with or without compensation, any person or entity that is engaged in any business that is competitive with the business of the Company or any of its Affiliates for which the 

  

 -13- 

	 	 
Executive has provided services, as conducted or in planning during his employment. For the purposes of this Section 11, the business of the Company and
its Affiliates shall include the radio and television businesses, the Outdoor Business and any other business that was conducted or in planning during the Executive’s employment. The foregoing, however, shall not prevent Executive’s direct
or beneficial ownership of up to five percent (5%) of the equity securities of any entity, whether or not in the same or competing business. 

 (c) Assignment of Rights to Intellectual Property. 
  

	 	(i)	Executive shall promptly and fully disclose all Intellectual Property to the Company. Executive hereby assigns and agrees to assign to the Company (or as otherwise directed by the
Company) Executive’s full right, title and interest in and to all Intellectual Property. Executive agrees to execute any and all applications for domestic and foreign patents, copyrights or other proprietary rights and to do such other acts
(including without limitation the execution and delivery of instruments of further assurance or confirmation) requested by the Company to assign the Intellectual Property to the Company and to permit the Company to enforce any patents, copyrights or
other proprietary rights to the Intellectual Property. Executive will not charge the Company for time spent in complying with these obligations. All copyrightable works that Executive creates shall be considered “work made for hire” and
shall, upon creation, be owned exclusively by the Company. 

  

	 	(ii)	For purposes of this Agreement, “Intellectual Property” means inventions, discoveries, developments, methods, processes, compositions, works, concepts and ideas (whether
or not patentable or copyrightable or constituting trade secrets) conceived, made, created, developed or reduced to practice by Executive (whether alone or with others, whether or not during normal business hours or on or off Company premises)
during Executive’s employment that relate to either the Products or any prospective activity of the Company or any of its Affiliates or that make use of Confidential Information or any of the equipment or facilities of the Company or any of its
Affiliates; and “Products” means all products planned, researched, developed, tested, manufactured, sold, licensed, leased or otherwise distributed or put into use by the Company or any of its Affiliates, together with all services
provided or planned by the Company or any of its Affiliates, during Executive’s employment. 

 (d)
Conflict of Interest. Executive agrees that, during his employment with the Company, he will not undertake any outside activity, whether or not competitive with the business of the Company or its Affiliates, that could reasonably give rise to
a conflict of interest or otherwise interfere with his duties and obligations to the Company or any of its Affiliates. 
  

 -14- 

 (e) Modification of Covenants. The parties hereby acknowledge that the
restrictions in this Section 11 have been specifically negotiated and agreed to by the parties hereto, and are limited only to those restrictions necessary to protect the Company and its Affiliates from unfair competition. Executive
acknowledges that he has carefully read and considered all the terms and conditions of this Agreement, including the restrictions in Section 11 hereof, and agrees without reservation that each of the restraints contained herein is necessary for
the reasonable and proper protection of the goodwill, trade secrets, Confidential Information and other legitimate interests of the Company and its Affiliates; and that each and every one of those restraints is reasonable in respect to subject
matter, length of time and geographic area. Executive acknowledges that the Company operates in major, medium and small-sized markets throughout the United States and many foreign countries, that the effect of Section 11(b) may be to prevent
him from working in a competitive business after his termination of employment hereunder, and that these restraints, individually or in the aggregate, will not prevent him from obtaining other suitable employment during the period in which he is
bound by such restraints. The parties hereby agree that if the scope or enforceability of any provision, paragraph or subparagraph of this Section 11 is in any way disputed at any time, and should a court find that such restrictions are overly
broad, the court shall modify and enforce the covenant to permit its enforcement to the maximum extent permitted by law. Each provision, paragraph and subparagraph of this Section 11 is separable from every other provision, paragraph, and
subparagraph, and constitutes a separate and distinct covenant. 
 (f) Remedies. Executive hereby expressly
acknowledges that any breach or threatened breach by Executive of any of the terms set forth in Section 11 of this Agreement would result in significant, irreparable and continuing injury to the Company, the monetary value of which would be
difficult to establish or measure. Therefore, Executive agrees that, in addition to any other remedies available to it, the Company shall be entitled to preliminary and permanent injunctive relief in a court of appropriate jurisdiction against any
breach or threatened breach, without having to post bond, as well as the recovery of all reasonable attorney’s fees expended in enforcing its rights hereunder. 
 12. Indemnification. 
 (a) General. The Company agrees that if Executive is
made a party or is threatened to be made a party to any action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”), by reason of the fact that Executive is or was a trustee, director or officer of
the Company, Holdings, or any subsidiary thereof, or is or was serving at the request of the Company or any subsidiary as a trustee, director, officer, member, employee or agent of another corporation or a partnership, joint venture, trust or other
enterprise, including, without limitation, service with respect to employee benefit plans, whether or not the basis of such Proceeding is alleged action in an official capacity as a trustee, director, officer, member, employee or agent while serving
as a 

  

 -15- 

 
trustee, director, officer, member, employee or agent, Executive shall be indemnified and held harmless by the Company to the fullest extent authorized by
Texas law, as the same exists or may hereafter be amended, against all Expenses incurred or suffered by Executive in connection therewith, and such indemnification shall continue as to Executive even if Executive has ceased to be an officer,
director, trustee or agent, or is no longer employed by the Company, and shall inure to the benefit of his heirs, executors and administrators. 
 (b) Expenses. As used in this Agreement, the term “Expenses” shall include, without limitation, damages, losses, judgments, liabilities, fines, penalties, excise taxes, settlements, costs,
attorneys’ fees, accountants’ fees, and disbursements and costs of attachment or similar bonds, investigations, and any expenses of establishing a right to indemnification under this Agreement. 
 (c) Enforcement. If a valid claim or request under this Agreement is not paid by the Company or on its behalf within thirty
(30) days after a written claim or request has been received by the Company, Executive may at any time thereafter bring suit against the Company to recover the unpaid amount of the claim or request and, if successful in whole or in part,
Executive shall be further entitled to be paid the expenses of prosecuting such suit. All obligations for indemnification hereunder shall be subject to, and paid in accordance with, applicable Texas law. 
 (d) Partial Indemnification. If Executive is entitled under any provision of this Agreement to indemnification by the Company for
some or a portion of any Expenses, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Executive for the portion of such Expenses to which Executive is entitled. 
 (e) Advances of Expenses. Expenses incurred by Executive in connection with any Proceeding shall be paid by the Company in advance
upon request of Executive that the Company pay such Expenses; but, only in the event that Executive shall have delivered in writing to the Company (i) an undertaking to reimburse the Company for Expenses with respect to which Executive is not
entitled to indemnification and (ii) an affirmation of his good faith belief that the standard of conduct necessary for indemnification by the Company has been met. 
 (f) Notice of Claim. Executive shall give to the Company notice of any claim made against him for which indemnification will or
could be sought under this Agreement. In addition, Executive shall give the Company such information and cooperation as it may reasonably require and as shall be within Executive’s power and at such times and places as are mutually convenient
for Executive and the Company. 
 (g) Defense of Claim. With respect to any Proceeding as to which Executive notifies
the Company of the commencement thereof: 
  

	 	(i)	The Company will be entitled to participate therein at its own expense; and 

  

	 	(ii)	 Except as otherwise provided below, to the extent that it may wish, the Company will be entitled to assume the defense thereof, with counsel reasonably satisfactory
to Executive, which in the 

  

 -16- 

	 	 
Company’s sole discretion may be regular counsel to the Company and may be counsel to other officers and directors of the Company or any subsidiary.
Executive shall also have the right to employ his own counsel in such action, suit or proceeding if he reasonably concludes that failure to do so would involve a conflict of interest between the Company and Executive, and, under such circumstances,
the fees and expenses of such counsel shall be at the expense of the Company. 

  

	 	(iii)	The Company shall not be liable to indemnify Executive under this Agreement for any amounts paid in settlement of any action or claim effected without its written consent. The
Company shall not settle any action or claim in any manner which would impose any penalty or limitation on Executive without Executive’s written consent. Neither the Company nor Executive will unreasonably withhold or delay their consent to any
proposed settlement. 

 (h) Non-exclusivity. The right to indemnification and the payment of expenses
incurred in defending a Proceeding in advance of its final disposition conferred in this Section 12 shall not be exclusive of any other right which Executive may have or hereafter may acquire under any statute, provision of the declaration of
trust or certificate of incorporation or by-laws of the Company, Holdings or any subsidiary, agreement, vote of shareholders or disinterested directors or trustees or otherwise. 
 13. Arbitration. Except as provided for in Section 11 of this Agreement, if any contest or dispute arises between the parties with respect to
this Agreement, such contest or dispute shall be submitted to binding arbitration for resolution in San Antonio, Texas in accordance with the rules and procedures of the Employment Dispute Resolution Rules of the American Arbitration Association
then in effect. The decision of the appointed arbitrator shall be final and binding on both parties, and any court of competent jurisdiction may enter judgment upon the award. The losing party shall pay all expenses relating to such arbitration,
including, but not limited to, the prevailing party’s legal fees and expenses. 
 14. Successors; Binding Agreement. 

(a) Company’s Successors. No rights or obligations of the Company under this Agreement may be assigned or transferred,
except that the Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean the Company as hereinabove defined and any
successor to its business and/or assets (by merger, purchase or otherwise) which executes and delivers the agreement provided for in this Section 14 or which otherwise becomes bound by all the terms and provisions of this Agreement by operation
of law. 
 (b) Executive’s Successors. No rights or obligations of Executive under this Agreement may be assigned
or transferred by Executive other than his right to payments or benefits hereunder, which may be transferred only by will or the laws of descent and 

  

 -17- 

 
distribution. Upon Executive’s death, this Agreement and all rights of Executive hereunder shall inure to the benefit of and be enforceable by
Executive’s beneficiary or beneficiaries, personal or legal representatives, or estate, to the extent any such person succeeds to Executive’s interests under this Agreement. Executive shall be entitled to select and change a beneficiary or
beneficiaries to receive any benefit or compensation payable hereunder following Executive’s death by giving the Company written notice thereof. In the event of Executive’s death or a judicial determination of his incompetence, reference
in this Agreement to Executive shall be deemed, where appropriate, to refer to his beneficiary(ies), estate or other legal representative(s). If Executive should die following his Date of Termination while any amounts would still be payable to him
hereunder if he had continued to live, all such amounts unless otherwise provided herein shall be paid in accordance with the terms of this Agreement to such person or persons so designated in writing by Executive, or otherwise to his legal
representatives or estate. 
 15. Notice. For the purposes of this Agreement, notices, demands and all other communications provided
for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered either personally or by United States certified or registered mail, return receipt requested, postage prepaid, addressed as follows: 
 If to Executive: 
 Randall T. Mays 

200 East Basse Road 
 San Antonio, Texas
78209 
 with a copy to: 
 Simpson, Thacher & Bartlett LLP 
 425 Lexington Avenue 
 New York, New York 10017 
 Attn: Andrea K.
Wahlquist 
 If to the Company: 
 CC Media Holdings, Inc. 
 200 East Basse Road 
 San Antonio, Texas 78209 
 Attention: Secretary 
 and 
 Clear Channel Communications, Inc.

 200 East Basse Road 
 San
Antonio, Texas 78209 
 Attention: General Counsel 
  

 -18- 

 with a copy to: 
 Ropes & Gray LLP 
 One International Place 
 Boston, MA 02110 
 Attention: Loretta Richard

 or to such other address as any party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be
effective only upon receipt. 
 16. Miscellaneous. No provisions of this Agreement may be amended, modified, or waived unless such
amendment or modification is agreed to in writing signed by Executive and by a duly authorized officer of the Company, and such waiver is set forth in writing and signed by the party to be charged. No waiver by either party hereto at any time of any
breach by the other party hereto of any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No
agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not set forth expressly in this Agreement. The respective rights and obligations of the parties
hereunder shall survive Executive’s termination of employment and the termination of this Agreement to the extent necessary for the intended preservation of such rights and obligations. The validity, interpretation, construction and performance
of this Agreement shall be governed by the laws of the State of Texas without regard to its conflicts of law principles. 
 17.
Validity. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 

18. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument. 
 19. Entire Agreement. This Agreement sets forth the entire agreement of the
parties hereto in respect of the subject matter contained herein, and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer, employee or
representative of any party hereto in respect of such subject matter, including but not limited to the Existing Agreement, and excluding only any existing obligations on the part of Executive with respect to Confidential Information, assignment of
intellectual property, non-competition and the like. Any prior agreement of the parties hereto in respect of the subject matter contained herein is hereby terminated and cancelled. 
 20. Taxes. All payments hereunder shall be subject to any required withholding of federal, state and local taxes pursuant to any applicable law or
regulation. The Company, Holdings, Sponsor Group and Executive shall each use reasonable best efforts to minimize all taxes that may be due in connection with any award or payment made pursuant to this Agreement, including in connection with the
Restricted Stock Award; provided, that Executive shall only be required to use such reasonable best efforts to the extent that Executive will not be economically disadvantaged as a result of such efforts. 
  

 -19- 

 21. Noncontravention. The Company represents that the Company is not prevented from entering into
or performing this Agreement by the terms of any law, order, rule or regulation, its by-laws or declaration of trust, or any agreement to which it is a party, other than which would not have a material adverse effect on the Company’s ability to
enter into or perform this Agreement. 
 22. Section Headings. The section headings in this Agreement are for convenience of reference
only, and they form no part of this Agreement and shall not affect its interpretation. 
 Remainder of page intentionally left blank 

  

 -20- 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

  

			
	BT Triple Crown Merger Co., Inc.
		
	By:	 	/s/ Scott M. Sperling
	  

	Name:	 	Scott M. Sperling
	Title:	 	Co-President
	
	CC Media Holdings, Inc.
		
	By:	 	/s/ Scott M. Sperling
	  

	Name:	 	Scott M. Sperling
	Title:	 	President
	
	 /s/ Randall T. Mays

	Randall T. Mays

 [SIGNATURE PAGE TO RANDALL T. MAYS EMPLOYMENT AGREEMENT]

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