Document:

newly_hired.htm

    EXHIBIT
10.5

      NATIONAL
INSTRUMENTS CORPORATION

       

      Restricted
Stock Unit Award Agreement

      (Newly
Hired Employee)

       

      Grant
Number:           «RSU_Number»

       

      National
Instruments Corporation (the “Company”) hereby grants you, «First» «Middle»
«Last» (the
“Participant”), an award of restricted stock units (“Restricted Stock Units”)
under the National Instruments Corporation 2010 Incentive Plan (the
“Plan”).  Subject to the provisions of Appendix A (attached) and
of the Plan, the principal features of this Award are as follows:

       

      Date of
Grant:

       

      Number of Restricted Stock
Units:                              «RSU_Shares»

       

      Vesting Commencement
Date:                                     May
1, 201[__]

       

      Vesting of Restricted Stock
Units:   The Restricted Stock Units will vest according to
the following schedule:

       

      Subject
to any accelerated vesting provisions in the Plan, the Restricted Stock Units
will vest as follows:

       

      Sixty
percent (60%) of the Restricted Stock Units will vest on the third anniversary
of the Vesting Commencement Date and twenty percent (20%) of the Restricted
Stock Units will vest on each anniversary of the Vesting Commencement Date
thereafter, subject to Participant continuing to be an Employee through such
dates, and satisfying the Full-Time Employment Requirement for an Eligible
Vesting Year.

       

      Restricted
Stock Units will not vest during any Eligible Vesting Year if for six months or
more during such Eligible Vesting Year (i) Participant is on a Nonstatutory
Leave of Absence, and/or (ii) Participant is not a Full-Time Employee (the
“Full-Time Employment Requirement”).

       

      In the
event that Participant does not satisfy the Full-Time Employment Requirement for
an Eligible Vesting Year, the applicable vesting date(s) pursuant to the
foregoing paragraph will be extended an additional year for each Eligible
Vesting Year for which such requirement is not satisfied; provided, however,
that any Restricted Stock Units that fail to vest hereunder by the fifteenth
(15th)
anniversary of the Vesting Commencement Date will not be eligible to vest
thereafter and will automatically be forfeited at no cost to the Company and the
Participant will have no further rights with respect thereto.

       

      For these
purposes, an “Eligible Vesting Year” means the period between May 1 through the
following April 30 of each year from the Vesting Commencement Date through the
fifteenth (15th)
anniversary of the Vesting Commencement Date.

       

      For these
purposes, “Full-Time Employee” means that Participant works in a position of
employment with the Company or any Subsidiary of the Company in which
Participant is regularly scheduled to work forty (40) or more hours per week or
a normal full-time work week pursuant to Applicable Law.

       

      For these
purposes, “Nonstatutory Leave of Absence” means any unpaid leave of absence
approved by the Company that the Company is not required to provide to
Participant pursuant to Applicable Law.

       

      Unless
otherwise defined herein or in Appendix A, capitalized terms herein or in
Appendix A will have the defined meanings ascribed to them in the
Plan.

       

      IMPORTANT:

       

      The
Company’s obligation to deliver Shares pursuant to this Award of Restricted
Stock Units is subject to all of the terms and conditions contained in Appendix
A and the Plan.  Before the Company delivers any Shares pursuant to
this Restricted Stock Unit Award Agreement, you must click on the link to each
of the documents required for acceptance, including, without limitation, the
Restricted Stock Unit Award Agreement and Appendix A thereto, the Plan, and, if
applicable, the Restricted Stock Unit Award Tax Obligations and the Data Privacy
Consent (collectively, the “Award Documents”) and review each.  PLEASE BE SURE TO READ APPENDIX A,
WHICH CONTAINS THE SPECIFIC TERMS AND CONDITIONS OF THIS
AWARD.

       

      By
clicking the “ACCEPT” button, you agree to the following:

       

      You
acknowledge and agree that:

       

      (a)           you
have been able to access and view the Award Documents and understand that all
rights and obligations with respect to this Award are set forth in such
documents;

       

      (b)           you
agree to all terms and conditions contained in the Award Documents;

       

      (c)           the
Award Documents set forth the entire understanding between the Company and you
regarding this Award and your right to acquire Shares thereunder;

       

      (d)           if
you are employed in or are otherwise subject to taxation in Finland, Norway,
Switzerland or the United Kingdom on the date of this Award, you have previously
executed an Agreement for the Transfer of Employer’s Share Award Tax Liability
to the Employee, and you understand that this Award is subject to the terms of
the Agreement for the Transfer of Employer’s Share Award Tax Liability;
and

       

      (e)           you
have previously executed an Employee Confidentiality Agreement as consideration
for this Award.

      
        
           

        

        
           

          
          

        

        
           

        

      

      APPENDIX
A

       

      TERMS
AND CONDITIONS OF RESTRICTED STOCK UNIT AWARDS

       

      1.           Grant.  The
Company hereby grants to the Participant under the Plan an Award for a number of
Restricted Stock Units set forth in the Restricted Stock Unit Agreement, subject
to all of the terms and conditions of the Restricted Stock Unit Agreement,
including this Appendix A (collectively, the “Award Agreement”), and the
Plan.

       

      2.           Company’s Obligation to
Pay.  Each Restricted Stock Unit represents the right to
receive a Share on the date it becomes vested.  Unless and until the
Restricted Stock Units will have vested in the manner set forth in Sections 3
and 4, the Participant will have no right to payment of any such Restricted
Stock Units.  Prior to actual payment of any vested Restricted Stock
Units, such Restricted Stock Units will represent an unsecured obligation of the
Company, payable (if at all) only from the general assets of the
Company.  Subject to the provisions of Section 5, such vested
Restricted Stock Units will be paid in Shares as soon as practicable after
vesting, but in each such case within the period ending no later than the
fifteenth (15th) day
of the third (3rd)
month following the end of the Fiscal Year that includes the vesting
date.

       

      3.           Vesting
Schedule.  Except as provided in
Sections 4 and 5, and subject to Section 6, the Restricted Stock Units
awarded by this Award Agreement will vest in the Participant according to the
vesting schedule set forth in the Award Agreement.  In the event any
Restricted Stock Units have not vested by the fifteenth (15th)
anniversary of the Vesting Commencement Date, the then-unvested Restricted Stock
Units awarded by this Award Agreement will thereupon be forfeited at no cost to
the Company and the Participant will have no further rights
thereunder.

       

      4.           Acceleration of Vesting upon
Death or Disability.  In the event Participant ceases to be an
Employee as the result of Participant’s death or “Disability”
prior to the fifteenth (15th)
anniversary of the Vesting Commencement Date, 100% of the Restricted Stock Units
that have not vested as of such date will immediately vest.  For these purposes, “Disability” will have
the meaning given to such term in the employment agreement between Participant
and the Company; provided, however, that if Participant has no employment agreement, “Disability”
will mean a total and permanent disability as defined in Section 22(e)(3) of the
Code as determined by the Administrator and in accordance with the
Plan.

       

      5.           Administrator
Discretion.  The Administrator,
in its discretion, may accelerate the vesting of the balance, or some lesser
portion of the balance, of the unvested Restricted Stock Units at any
time.  If so accelerated, such Restricted Stock Units will be
considered as having vested as of the date specified by the
Administrator.

       

      Notwithstanding
anything in the Plan or this Award Agreement to the contrary, if the vesting of
the balance, or some lesser portion of the balance, of the Restricted Stock
Units is accelerated in connection with Participant’s termination as a Service
Provider (provided that such termination is a “separation from service” within
the meaning of Section 409A, as determined by the Company), other than due to
death, and if (x) Participant is a “specified employee” within the meaning of
Section 409A at the time of such termination as a Service Provider and (y) the
payment of such accelerated Restricted Stock Units will result in the imposition
of additional tax under Section 409A if paid to Participant on or within the six
(6) month period following Participant’s termination as a Service Provider, then
the payment of such accelerated Restricted Stock Units will not be made until
the date six (6) months and one (1) day following the date of Participant’s
termination as a Service Provider, unless the Participant dies following his or
her termination as a Service Provider, in which case, the Restricted Stock Units
will be paid in Shares to the Participant’s estate as soon as practicable
following his or her death.  It is the intent of this Award Agreement
to comply with the requirements of Section 409A so that none of the Restricted
Stock Units provided under this Award Agreement or Shares issuable thereunder
will be subject to the additional tax imposed under Section 409A, and any
ambiguities herein will be interpreted to so comply.  For purposes of
this Award Agreement, “Section 409A” means Section 409A of the Code, and any
proposed, temporary or final Treasury Regulations and Internal Revenue Service
guidance thereunder, as each may be amended from time to time.

      

      6.           Forfeiture upon Termination
of Continuous Service.  If Participant ceases to be an Employee
for any or no reason other than death or Disability, the then-unvested
Restricted Stock Units (after taking into any accelerated vesting that may occur
as the result of any such termination) awarded by this Award Agreement will
thereupon be forfeited at no cost to the Company and the Participant will have
no further rights thereunder.

       

      7.           Payment after
Vesting.  Any Restricted Stock Units that vest in accordance
with Sections 3, 4 or 5 will be paid to the
Participant (or in the event of the Participant’s death, to his or her estate)
in whole Shares, and no fractional Shares shall be issued.  As
determined by the Administrator, any fraction of a Share shall be paid in cash
based on the Fair Market Value of a Share.

       

      8.           Payments after
Death or
Disability.  Any distribution or delivery to be made to the
Participant under this Agreement will, if the Participant is then deceased or Disabled, be made to the Participant’s legal
representatives, guardian, heirs, legatees
or distributees, as
applicable.  Any such transferee must furnish the Company with
(a) written notice of his or her status as transferee, and (b) evidence
satisfactory to the Company to establish the validity of the transfer and
compliance with any laws or regulations pertaining to said
transfer.

       

      9.           Withholding of
Taxes.  Notwithstanding any contrary provision of this Award
Agreement, no Shares will be delivered to the Participant, unless and until
satisfactory arrangements (as determined by the Administrator) will have been
made by the Participant with respect to the payment of income, employment and
other taxes which the Company determines must be withheld with respect to such
Shares so deliverable.

       

      10.           Rights as
Stockholder.  Neither the Participant nor any person claiming
under or through the Participant will have any of the rights or privileges of a
stockholder of the Company in respect of any Shares deliverable hereunder unless
and until certificates representing such Shares will have been issued (including
in book entry), recorded on the records of the Company or its transfer agents or
registrars, and, if applicable, delivered to the Participant.

       

      11.           No Effect on Employment or
Service.  The Participant’s employment or other service with
the Company and its Subsidiaries is on an at-will basis
only.  Accordingly, the terms of the Participant’s employment or
service with the Company and its Subsidiaries will be determined from time to
time by the Company or the Subsidiary employing the Participant (as the case may
be), and the Company or the Subsidiary will have the right, which is hereby
expressly reserved, to terminate or change the terms of the employment or
service of the Participant at any time for any reason whatsoever, with or
without good cause.

       

      12.           Address for
Notices.  Any notice to be given to the Company under the terms
of this Agreement will be addressed to the Company at 11500 N. Mopac Expressway,
Building A, Austin, Texas 78759, Attn: Stock Administrator, or at such other
address as the Company may hereafter designate in writing.

       

      13.           Grant is Not
Transferable.  Except to the limited extent provided in Section 8, this grant and the rights and
privileges conferred hereby will not be transferred, assigned, pledged or
hypothecated in any way (whether by operation of law or otherwise) and will not
be subject to sale under execution, attachment or similar
process.  Upon any attempt to transfer, assign, pledge, hypothecate or
otherwise dispose of this grant, or any right or privilege conferred hereby, or
upon any attempted sale under any execution, attachment or similar process, this
grant and the rights and privileges conferred hereby immediately will become
null and void.

       

      14.           Binding
Agreement.  Subject to the limitation on the transferability of
this grant contained herein, this Award Agreement will be binding upon and inure
to the benefit of the heirs, legatees, legal representatives, successors and
assigns of the parties hereto.

       

      15.           Additional Conditions to
Issuance of Stock.  If at any time the Company will determine,
in its discretion, that the listing, registration or qualification of the Shares
upon any securities exchange or under any state or federal law, or the consent
or approval of any governmental regulatory authority is necessary or desirable
as a condition to the issuance of shares to the Participant (or his or her
estate), such issuance will not occur unless and until such listing,
registration, qualification, consent or approval will have been effected or
obtained free of any conditions not acceptable to the Company.  The
Company will make all reasonable efforts to meet the requirements of any such
state or federal law or securities exchange and to obtain any such consent or
approval of any such governmental authority.

       

      16.           Plan
Governs.  This Award Agreement is subject to all terms and
provisions of the Plan.  In the event of a conflict between one or
more provisions of this Award Agreement and one or more provisions of the Plan,
the provisions of the Plan will govern.

       

      17.           Administrator
Authority.  The Administrator will have the power to interpret
the Plan and this Award Agreement and to adopt such rules for the
administration, interpretation and application of the Plan as are consistent
therewith and to interpret or revoke any such rules (including, but not limited
to, the determination of whether or not any Restricted Stock Units have
vested).  All actions taken and all interpretations and determinations
made by the Administrator in good faith will be final and binding upon
Participant, the Company and all other interested persons.  No member
of the Board or its Committee administering the Plan will be personally liable
for any action, determination or interpretation made in good faith with respect
to the Plan or this Award Agreement.

       

      18.           Captions.  Captions
provided herein are for convenience only and are not to serve as a basis for
interpretation or construction of this Award Agreement.

       

      19.           Agreement
Severable.  In the event that any provision in this Award
Agreement will be held invalid or unenforceable, such provision will be
severable from, and such invalidity or unenforceability will not be construed to
have any effect on, the remaining provisions of this Award
Agreement.exv10w1

Exhibit 10.1

Execution Version

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

     AGREEMENT, dated effective as of June 23, 2010, by and between Clear Channel Communications,
Inc. (the “Company”), CC Media Holdings, Inc. (“Holdings”) and Mark P. Mays (“Executive”).

     WHEREAS, the Company, Holdings, and Executive previously entered into an Amended and Restated
Employment Agreement dated as of July 28, 2008, as further amended effective January 20, 2009 (the
“Existing Agreement”); and

     WHEREAS, the Company, Holdings, and Executive desire to amend and restate the terms of the
Existing Agreement, to be effective as of the Effective Date of this Agreement.

     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 Date as
follows:

     1. Employment. The Company hereby agrees to continue to employ Executive in the
positions described in Section 3 below, 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
shall commence June 23, 2010 (the “Effective Date”) and shall have an original term from the
Effective Date through July 31, 2013 (the “Employment Period”), and shall be extended thereafter
only by written agreement of the parties hereto. The Employment Period may be sooner terminated by
either party in accordance with Section 6 of this Agreement.

     3. Position and Duties. Executive shall continue to serve as Chief Executive Officer
of the Company and Holdings until the date on which the Company and Holdings hire a new Chief
Executive Officer to succeed him, and thereafter shall continue as an employee of the Company and
Holdings in the position of Chairman. During the Employment Period, Executive shall report solely
and directly to the Board of Directors (the “Board”) of Holdings. Executive’s powers and duties as
Chief Executive Officer of the Company and Holdings until the date on which the Company and
Holdings hire a new Chief Executive Officer to succeed him shall remain consistent with the powers
and duties previously held by Executive in the position of Chief Executive Officer. As Chairman,
Executive shall have the powers and duties as set forth in Appendix A and such other duties and
responsibilities as are consistent with Executive’s position as Chairman as may be mutually agreed
upon by Executive and the Board of Holdings from time to time. Executive shall be provided with
all the support as shall be appropriate to perform the duties of his positions provided herein,
including, but not limited to: his office space, stenographic and secretarial assistance and use of
the Company-provided aircraft, all as otherwise provided in Section 5 of this Agreement. 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. In particular, but not in limitation of the foregoing, following the date on which
Executive ceases to act as Chief Executive Officer of the Company and Holdings, it is the
expectation of the parties that Executive shall work no less than 20% per month, on average of the
average level of services

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Execution Version

Executive performed over the preceding thirty-six (36) month period. Notwithstanding the
above, 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 other companies and their
committees, subject to Section 11(b) herein (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, Executive shall also serve as a member of the Board and as Chairman of the Board of both
the Company and 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 a rate of not less than $1,000,000 per
calendar 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”). The Performance
Bonus for 2010 shall be paid according to the terms set forth in Appendix B attached hereto.
The Performance Bonus for any subsequent year beyond 2010 shall be determined solely at the
discretion of the Board of Holdings, but shall not be less than $500,000 per year, provided
that any Performance Bonus for the year Executive’s employment is terminated for any reason
shall be prorated (based upon an amount of no less than $500,000 per year). The Performance
Bonus, shall be payable in one lump sum no later than February 28 of the year following the
year for which the Performance Bonus was earned, except that any prorated Performance Bonus
for the year Executive’s employment is terminated for any reason shall be payable on the
date of such termination of employment.

     (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, to use of a Company-provided aircraft for
personal travel, in accordance with the Aircraft Benefit Policy dated June 23, 2010 (the
“Aircraft Benefit”).

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Execution Version

     (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 provided that, upon ceasing to act as
Chief Executive Officer vacation shall be taken at the Executive’s discretion. 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 his existing 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.

     (f) Amendments to Equity Incentive Awards.

	 	(i)	 	The side letter agreement (the “Letter
Agreement”) dated July 29, 2008 by and among Holdings, Clear Channel
Capital IV, LLC, Clear Channel Capital V, L.P., L. Lowry Mays,
Executive, Randall T. Mays, and the other parties thereto relating to
the Stockholders Agreement dated as of July 29, 2008 (the “Stockholders
Agreement”), is hereby amended to provide that (1) during the 30-day
period starting on August 15, 2010, the Restricted Stock Put Option
pursuant to Section 7.3.1 of Exhibit A to the Letter Agreement may be
exercised with respect to 200,000 shares of Holdings stock identified
on Appendix C attached hereto (without regard to any conditions or
restrictions set forth in the Letter Agreement); and (2) after the
exercise of the put option described in clause (1) above, Section 7.3.1
of Exhibit A to the Letter Agreement shall apply to 355,556 “Restricted
Shares” granted to Executive on July 30, 2008 pursuant to the Senior
Executive

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Execution Version

	 	 	 	Restricted Stock Award Agreement dated July 30, 2008. On the
Effective Date (or within five days thereafter), the Company shall
provide Executive with a consent to this amendment to the Letter
Agreement signed by a Requisite Capital IV Majority (as such term is
defined in the Stockholders Agreement) and Executive shall provide
the Company with a consent to this amendment to the Letter Agreement
signed by Executive’s Executive Designees (as such term is defined in
the Stockholders Agreement).
	 
	 	(ii)	 	On the Effective Date, the parties shall
execute an amendment to Executive’s Senior Executive Option Agreement
dated July 30, 2008 (the “Stock Option Agreement”) as necessary to
provide that upon Executive’s cessation of service as Chief Executive
Officer, with respect to the stock options granted by Holdings to
Executive under the Stock Option Agreement, one-half of the then
outstanding Tranche 1 Options (applied proportionately to each vesting
date) and one-half of the then outstanding Tranche 2 Options and then
outstanding Tranche 3 Options (as such terms are defined in the Stock
Option Agreement) shall be automatically terminated and of no further
force and effect.
	 
	 	(iii)	 	On the Effective Date, the parties shall
execute such agreements and amendments to Executive’s equity incentive
awards and other documents as are necessary to provide that as of the
Effective Date all of Executive’s stock options relating to Holdings
stock that are not forfeited pursuant to paragraph 5(f)(ii) remain
exercisable (to the extent vested) through their full original term
(but in no event after the tenth anniversary of the date of grant)
notwithstanding any agreement that would limit the period of
exercisability on account of termination of employment (but otherwise
subject to earlier termination in accordance with the terms of Section
7 of Holdings’ 2008 Executive Incentive Plan and the corresponding
provisions of the stock option agreements).

     (g) Right to Purchase N616CC Aircraft. Executive shall have the following
rights and options with respect to the N616CC Aircraft:

	 	(i)	 	During the Employment Period, Executive shall
have the right of first refusal to purchase the N616CC Aircraft. In
the event the Company, Holdings, or any of their Affiliates receive a
bona fide offer for the purchase of the N616CC Aircraft, the Company
shall give written notice of such offer to Executive. On receipt of
the notice, with respect to such offer, Executive shall have the
exclusive right and option, exercisable at any time during a period of
fifteen (15) days from the date of said notice to purchase the N616CC
Aircraft under the terms and conditions set forth in the bona fide
offer (provided, however, that Executive shall have the right, in his
discretion, to substitute cash for the fair market value

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Execution Version

	 		 	of any non-cash consideration (with such fair market value to be
determined based on the principles described in clause (ii) below)).
	 
	 	(ii)	 	If, at the end of the Employment Period, the
Company, Holdings, or any of their Affiliates still own the N616CC
Aircraft, Executive shall have the right and option to purchase the
N616CC Aircraft at fair market value. If the parties cannot agree as
to the amount of fair market value for the N616CC Aircraft, the fair
market value will be determined by an appraiser, appointed by agreement
by both Executive and the Company. If the parties cannot agree on an
appraiser, Executive and the Company shall each nominate one (1)
appraiser, and the two (2) appraisers shall then appoint a third
appraiser, who will then determine the fair market value of the N616CC
Aircraft for purposes of this Section.
	 
	 	(iii)	 	Notwithstanding any other provision in this
Agreement to the contrary, Executive’s rights and options under this
Section 5(g) may be assigned and/or transferred.
	 
	 	(iv)	 	If Executive purchases the N616CC Aircraft
under Section 5(g)(i) or 5(g)(ii), the Company shall use commercially
reasonable efforts to assign to Executive and/or his assignees the
hanger lease that houses the N616CC Aircraft.

     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, 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)	 	Willful or intentional engaging by Executive in
material misconduct that causes material and demonstrable injury,
monetarily or otherwise, to the Company, the Sponsor Group (as defined
in the Stockholders Agreement) or any of their respective Affiliates;
or

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Execution Version

	 	(ii)	 	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; or
	 
	 	(iii)	 	Executive’s committing or engaging in any act
of fraud, embezzlement, or theft against the Company or its Affiliates
that causes material and demonstrable injury, monetarily or
otherwise, to the Company; or
	 
	 	(iv)	 	Executive’s breach of any provision of Section
11 hereof that causes material and demonstrable injury, monetarily or
otherwise, to the Company.

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 a
breach of Section 5(b) herein, 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, except as contemplated by Section 3 of this
Agreement; or
	 
	 	(iii)	 	Failure by the Company to provide the Aircraft
Benefit pursuant to the terms of the Aircraft Benefit Policy dated June
23, 2010 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.

Executive expressly acknowledges and agrees that the expiration of the Employment Period
pursuant to Section 2 hereof, alone or in combination with the transition of

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Executive’s duties to another employee during the twelve months immediately preceding the
expiration of the Employment 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 his transition from Chief
Executive Officer to Chairman, as contemplated by Section 3 of this Agreement.

     (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. For the avoidance of doubt, no notice of termination shall be required with
respect to a termination that occurs by reason of the expiration of the Employment Period.

     (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 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.

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     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 Appendix D (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 Appendix E (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, Performance 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 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;
	 
	 	(ii)	 	in the event that Executive terminates
employment prior to receiving his 2010 Performance Bonus, he shall be
eligible to earn and receive his 2010 Performance Bonus as if he was
employed through December 31, 2010;
	 
	 	(iii)	 	provided Executive signs and returns a timely
and effective Release of Claims, thirty days following the Date of
Termination, the Company shall pay to Executive a lump-sum cash payment
equal to four million five hundred thousand dollars ($4,500,000);
	 
	 	(iv)	 	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 Executive and his
eligible dependents, for a period of three (3) years following the Date
of Termination the medical and hospitalization insurance programs in
which 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;

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	 	 	 	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 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; and
	 
	 	(v)	 	in the event that Executive’s termination of
employment occurs prior to the expiration of the 30-day period
described in Section 5(f)(i)(1), the rights described in Section
5(f)(i)(1) shall continue to apply and be made available until the end
of such 30-day period.

     (b) Termination By the Company for Cause or By Executive Without Good Reason or by
Expiration of the Term. If Executive’s employment is terminated by the Company for
Cause or by Executive other than for Good Reason or by expiration of this Agreement under
the first sentence of Section 2, 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), (i) the Company shall pay to Executive the Final Compensation at
the time and in the manner set forth in Section 8(a)(i) hereof, and (ii) if such termination
of employment occurs prior to the expiration of the 30-day period described in Section
5(f)(i)(1), the rights described in Section 5(f)(i)(1) shall continue to apply and be made
available until the end of such 30-day period. The Company shall have no further obligation
to Executive upon such termination under this Agreement.

     (d) Death. In the event Executive’s employment is terminated by his death, (i)
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

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Section 8(a)(i) hereof, and (ii) if Executive’s death occurs prior to the expiration of
the 30-day period described in Section 5(f)(i)(1), Executive’s beneficiary, legal
representatives, estate and owners of the shares described in Appendix C, as the case may
be, shall continue to have the rights described in Section 5(f)(i)(1) until the end of such
30-day period. The Company shall have no further obligation to Executive upon such
termination under the Agreement.

     (e) Timing of Payments/Separation from Service. 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
provided under this Agreement or otherwise (the “Payments”) would be
subject to a twenty percent additional tax under Section 409A or any
interest or penalties are incurred by Executive with respect to such
additional tax (such additional tax, together with any such interest
and penalties, are hereinafter collectively referred to as the “409A
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 409A Taxes) imposed upon the Gross-Up
Payment, Executive retains an amount of the Gross-Up Payment equal to
the sum of (x) the 409A Taxes, 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 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

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Execution Version

	 	 	 	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.
	 
	 	(ii)	 	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 (the
“Payments”) as a result of the transactions consummated on July 30,
2008, pursuant to which BT Triple Crown Merger Co., Inc. merged with
and into the Company (the “Transaction”) 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.
	 
	 	(iii)	 	Subject to the provisions of Section 9(i) and
9(ii), as applicable, all determinations required to be made under this
Section 9, 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

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	 	 	 	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 with respect to any Payments made to Executive
shall be made to the relevant tax authorities no later than the date
on which the 409A Tax or Excise Tax on such Payments is due to the
relevant tax authorities. If the Accounting Firm determines that no
409A Tax or 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 409A Tax or Excise Tax, if any, on
Executive’s applicable federal income tax return should not result in
the imposition of a negligence or similar penalty.
	 
	 	(iv)	 	As a result of the uncertainty in the
application of Section 409A and 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, 409A 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 or 409A 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 or
409A 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 or 409A Tax.
	 
	 	(v)	 	Executive expressly acknowledges and agrees
that the Gross-Up Payment in Paragraph 9(ii) 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.

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     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.

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	 	 	 	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.

     (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:

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	 	(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. Notwithstanding this provision, during the
Restricted Period, Executive will not be prohibited from hiring or
soliciting his current assistant to work for him following his
termination of employment with the Company.
	 
	 	(ii)	 	Non-Competition. For the six months
following his termination of employment with the Company, 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

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	 	 	 	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 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
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.

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     (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 with the Company or any of its Affiliates.

     (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, if the Company is the
prevailing party.

     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

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Execution Version

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, notwithstanding any provision in this Agreement to the
contrary, 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

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Execution Version

	 	 	 	counsel reasonably satisfactory to Executive, which in the 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

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Execution Version

or benefits hereunder, which may be transferred only by will or the laws of descent and
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:

Mark P. Mays

200 East Basse Road

San Antonio, Texas 78209

     with a copy to:

Schmoyer Reinhard LLP

3619 Paesanos Parkway, Suite 202

San Antonio, Texas 78231

Attn: Shannon B. Schmoyer

     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

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Execution Version

     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, 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 or otherwise, including
in connection with the Senior Executive Restricted Stock Award dated July 30, 2008 and amendments
to be made to Executive’s Equity Incentive Awards pursuant to Section 5(f) of this Agreement ;
provided, that Executive shall only be required to use such reasonable best

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Execution Version

efforts to the extent that Executive will not be economically disadvantaged as a result of
such efforts.

     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

-22-

 

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

	 	 	 	 
	Clear Channel Communications, Inc.

 	 
	By:  	/s/ Robert H. Walls, Jr.
 	 
	 	Name:  	Robert H. Walls, Jr. 	 
	 	Title:  	Executive Vice President, General Counsel and Secretary 	 
	 

	 	 	 	 
	CC Media Holdings, Inc.

 	 
	By:  	/s/ Robert H. Walls, Jr.
 	 
	 	Name:  	Robert H. Walls, Jr. 	 
	 	Title:  	Executive Vice President, General Counsel and Secretary 	 
	 

	 	 	 	 
	 	 
	/s/ Mark P. Mays
 	 
	Mark P. Mays 	 
	 	 	 
	 

 

 

Appendix A-Powers and Duties of Chairman

Title: Chairman of Company and Holdings

Job Specification:

Transitional Phase

	•	 	Executive shall work collaboratively with new Chief Executive Officer to effect smooth
transition into position, including but not limited to:

	 	•	 	Assisting with Employee and team communications;
	 
	 	•	 	Developing Customer and/or other constituent communications;
	 
	 	•	 	Sharing information and assisting new Chief Executive Officer with
respect to corporate strategy; and
	 
	 	•	 	Remaining available for meetings with Chief Executive Officer as needed
and requested; and
	 
	 	•	 	Advising and consulting with Chief Executive Officer as reasonably
requested.

Ongoing Role through Employment Period

	•	 	Through the Employment Period, as Chairman, Executive shall:

	 	•	 	Work with new Chief Executive Officer to set Board agenda and ensure
proper information flow to the Board;
	 
	 	•	 	Ensure proper assignment of Board duties to the appropriate Board members;
	 
	 	•	 	Ensure proper Board committee structure and composition;
	 
	 	•	 	Work with committee chairmen to coordinate the schedules of committee
meetings;
	 
	 	•	 	Remain available to provide advice and input to Chief Executive Officer
of the Company regarding long term strategy and vision, as requested; and
	 
	 	•	 	Carry out other duties as needed, and as requested by the Board and
Chief Executive Officer.

As Chairman, Executive shall have such other powers and duties as may be reasonably prescribed
by the Board consistent with such position; provided, that such other powers and duties are
consistent with Executive’s position as Chairman. Additionally, as Chairman, Executive shall
have the powers and duties as provided by Company Policy, including but not limited to the
Aircraft Benefit.

 

 

APPENDIX B-2010 PERFORMANCE BONUS

2010 Annual Bonus for Mark P. Mays

RESOLVED, that the Amended and Restated Employment Agreement dated June 28, 2008, as further
amended on January 20, 2009 (the “Employment Agreement”) by and among the Corporation, CC Media
Holdings, Inc. and Mark Mays (“Executive”) provides for the determination of the annual
Performance Bonus on the basis set forth therein, unless the Corporation and the Executive agree
otherwise; and, provided that for 2010, the Corporation has determined that the amount of the
Executive’s Performance Bonus shall be calculated based on the following schedule in lieu of the
basis set forth in the Employment Agreement:

	 	 	 	 	 	 
	 
	 	Achieved OIBDAN/Target OIBDAN,	 	 	 	 
	 	(expressed as a percentage)	 	 	Performance Bonus	 
	 	90% or less
	 	 	$0	 
	 	100%
	 	 	$2,000,000	 
	 	120% or more
	 	 	$4,000,000	 
	 

; and, provided that Achieved OIBDAN shall be adjusted to take into account any acquisitions or
divestitures made during 2010 and, provided further, for the avoidance of doubt, that OIBDAN is
reportable OIBDAN before restructuring charges, such that Target OIBDAN and Achieved OIBDAN include
the same businesses, assets or operations for such period, as reasonably determined by the
Compensation Committee and Board; and provided further, that Target
OIBDAN shall be $          for purposes of determining whether Executive is eligible to receive 100% of his Performance
Bonus and shall be $              for purposes of determining whether Executive is eligible to
receive more than 100% of his Performance Bonus; and, provided further; for avoidance of doubt, if
the Achieved OIBDAN is between $            and $            , the Executive shall be
entitled to a Performance Bonus of $2,000,000.

 

 

Mark Mays

Bonus 2010

Target

payout at target            2,000,000

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	OIBDAN	 	 	OIBDAN	 	 	Payout	 	 	Payout	 
	 	 	 	 	($000)	 	 	(% of Target)	 	 	(% of target)	 	 	($)	 
	 	THRESHOLD
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	TARGET 1
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	TARGET 2
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	MAXIMUM
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

OIBDAN shall be reportable OIBDAN adjusted for acquisitions and divestitures and,
provided further, OIBDAN is reportable OIBDAN before restructuring charges.

Performance between points shall be interpolated — i.e.      % of target would be $            payout

 

 

Appendix C

Shares Subject to Exercise Under Restricted Stock Put Option

Pursuant to Section 5(f)(i)(1), Executive may exercise, during the 30 day period starting on August
15, 2010, the Restricted Stock Put Option pursuant to
Section 7.3.1 of Exhibit A to the Letter Agreement with respect to the following 200,000 shares of Holdings stock owned by Executive
(without regard to any conditions or restrictions set forth in the Letter Agreement):

	•	 	179,141 shares of Holdings stock beneficially owned by         ; and

	•	 	20,859 shares owned by Mark P. Mays (to be acquired upon vesting on July 30, 2010
pursuant to the terms of the July 30, 2008 Senior Executive Restricted Stock Award
Agreement).

 

 

Appendix D

Executive Release of Claims

     FOR AND IN CONSIDERATION OF the benefits to be provided me in
connection with the termination of my employment, as set forth in the employment
agreement between me, Mark P. Mays (“Executive”), Clear Channel Communications, Inc.
(the “Company”), and CC Media Holdings, Inc. (“Holdings”) effective as of June ___,
2010 (the “Agreement”), which are conditioned on my signing this Release of Claims and
to which I am not otherwise entitled, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, I, on my own behalf and on
behalf of my heirs, executors, administrators, beneficiaries, representatives and assigns,
and all others connected with or claiming through me, hereby release and forever discharge
the Company, Holdings and all of their respective subsidiaries and other affiliates, past,
present and future officers, directors, trustees, shareholders, employees, agents, general and
limited partners, members, managers, joint venturers, representatives, successors and
assigns, and all others connected with any of them, all of the foregoing both individually
and in their official capacities, from any and all causes of action, rights or claims of any
type or description, known or unknown, which I have had in the past, now have, or might
now have, through the date of my signing of this Release of Claims, in any way resulting
from, arising out of or connected with my employment by the Company or any of its
subsidiaries or other affiliates or the termination of that employment or pursuant to any
federal, state or local law, regulation or other requirement (including without limitation
Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the
Americans with Disabilities Act, and the fair employment practices laws of the state or
states in which I have been employed by the Company or any of its subsidiaries or other
affiliates, each as amended from time to time).

Excluded from the scope of this Release of Claims is (i) any claim arising under the terms
of the Agreement after the effective date of this Release of Claims, (ii) any right of
indemnification or contribution that I have pursuant to the Articles of Incorporation or By-
Laws of the Company or any of its subsidiaries or other affiliates, and (iii) any claims
under any of the equity incentive plan and equity-based award agreements referenced in
the Agreement with respect to any securities (including shares, options, and any other
equity-based rights) that I continue to hold after I sign this Release of Claims.

In signing this Release of Claims, I acknowledge my understanding that I may not sign it
prior to the termination of my employment, but that I may consider the terms of this
Release of Claims for up to twenty-one (21) days (or such longer period as the Company
may specify) from the later of the date my employment with the Company terminates or
the date I receive this Release of Claims. I also acknowledge that I am advised by the
Company and its subsidiaries and other affiliates to seek the advice of an attorney prior to
signing this Release of Claims; that I have had sufficient time to consider this Release of
Claims and to consult with an attorney, if I wished to do so, or to consult with any other
person of my choosing before signing; and that I am signing this Release of Claims
voluntarily and with a full understanding of its terms.

I further acknowledge that, in signing this Release of Claims, I have not relied on any
promises or representations, express or implied, that are not set forth expressly in the

 

 

Agreement. I understand that I may revoke this Release of Claims at any time within
seven (7) days of the date of my signing by written notice to the Chairman of the Board of
Directors of the Company and that this Release of Claims will take effect only upon the
expiration of such seven-day revocation period and only if I have not timely revoked it.

Intending to be legally bound, I have signed this Release of Claims under seal as of the
date written below.

Signature: _________________________

Name (please print): __________________________

Date Signed: _______________________

 

 

Appendix E

Company Release of Claims

     FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency
of which is hereby acknowledged, and as required by the agreement between Mark P.
Mays (“Executive”), Clear Channel Communications, Inc. (the “Company”), and CC
Media Holdings, Inc. (“Holdings”) effective as of June ___, 2010, the Company, and
Holdings, on their own behalf and on behalf of their predecessors, affiliates and
successors, and each of their past, present, and future officers, directors, employees,
representatives, attorneys, insurers, agents and assigns, individually and in their official
capacities, hereby release and forever discharge Mark P. Mays from any and all causes of
action, rights or claims of any type or description, known or unknown, which they have
had in the past, now have, or might now have, through the date of signing of this Release
of Claims, in any way resulting from, arising out of or connected with Executive’s
employment by the Company or any of its subsidiaries or other affiliates or the termination
of that employment or pursuant to any federal, state or local law, regulation or other
requirements, including without limitation those arising under common law.

     Excluded from the scope of this Release of Claims is (i) any claim arising after the
effective date of this Release of Claims; and (ii) any claims relating to Executive’s
commission of fraud, criminal acts, or other substantial, willful and intentional misconduct
related to the Executive’s employment with the Company or any of its affiliates.

     Intending to be legally bound, the parties below have signed this Release of Claims under
seal as of the date written below.

	 	 	 	 
	Clear Channel Communications, Inc.

 	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

	 	 	 	 
	CC Media Holdings, Inc.

 	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:

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