Document:

exv10w40

Exhibit
10.40

EMPLOYMENT SEPARATION AGREEMENT

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

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

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

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

2. Consideration for Agreement from Company.

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

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

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

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

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

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

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

4. Executive’s Release of Claims.

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

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

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

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

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

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

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

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

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

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

6. Other Understandings, Agreements, and Representations.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

[SIGNATURES ON FOLLOWING PAGE]

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

	 	By:	 	/s/ Mark P. Mays	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Mark P. Mays	 	 
	 

	 	Title:
	 	Chief Executive Officer	 	 

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Schedule A

1. Payment Schedule of Bonus Payments.

     1.1 The bonus payments totaling Nine Hundred Eighty Nine Thousand Two Hundred
Fifty and No/100 Dollars ($989,250.00), less applicable federal and state withholding and all
other ordinary payroll deductions, will be paid out as follows:

     (a) The first payment will be paid in a lump sum of Four Hundred Ninety
Four Thousand Six Hundred Twenty Five and No/100 Dollars ($494,625.00), payable on
August 1, 2009.

     (b) Additional payments will be in the amount of Fifty Four Thousand Nine
Hundred Fifty Eight and 33/100 Dollars ($54,958.33) and will be paid on a monthly
basis beginning on the Company’s last regular pay date in August 2009.

     (c) These monthly payments will continue through April 2010 and will be
paid on the Company’s last regular pay date of each month.

     (d) Executive hereby acknowledges the sufficiency of these payments from
the Company.

     (e) The Company will have no continuing obligation to make any of the
foregoing payments if Executive breaches this Agreement.

     1.2 Notwithstanding anything herein to the contrary, Executive’s continued
employment with the Company through (i) the date of payment for any scheduled payment that
is required to be paid on or before the Termination Date, or (ii) the Termination Date for
any scheduled payment that is required to be paid after the Termination Date, is a condition
precedent that must be satisfied for Executive to be entitled to any scheduled payment,
except in

A-1

 

the event of termination by Company without “cause”, or death or disability of Executive. If
Executive’s employment with the Company is terminated before the Termination Date by reason
of Executive’s voluntary termination, Executive will forfeit all scheduled payments not yet paid
as of the actual date of termination of Executive’s employment with the Company.

     1.3 This Agreement will be administered and interpreted to maximize the short-term
deferral exception to Section 409A of the Internal Revenue Code. The right to a series of
installment payments under this Agreement will be treated as a right to a series of separate
payments. Any scheduled payment under this Agreement that is payable during the short-term
deferral period (as defined in Section 1.409A-1(b)(4) of the Treasury Regulations) will be
treated as a short-term deferral and not aggregated with other awards, plans, or payments. Designated
payment dates provided for in this Agreement are deemed to incorporate the grace periods
provided by Section 1.409A-3(d) of the Treasury Regulations, and Executive is not permitted,
directly or indirectly, to designate the taxable year of any payment.

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Schedule B

1. 2009 Annual Incentive Plan.

     Executive’s aggregate target bonus for 2009 under the Company’s Annual Incentive Plan is set
at $200,000, as further described below. In 2009, 100% of Executive’s annual bonus opportunity is
based on four qualitatively-evaluated initiatives described below that are directly relevant to his
position and responsibilities, each of which represents 25% of the bonus opportunity.

     Executive’s 2009 performance-based goals consist of (i) successful implementation of the legal
department general and administrative cost savings initiative, (ii) overseeing the successful
execution of legislative and regulatory strategy relating to the proposed Performance Royalty Act,
(iii) successful implementation of the integration of the Clear Channel Outdoor Holdings, Inc.
legal department with the CC Media Holdings, Inc. legal department and (iv) successful transition
of duties to a new general counsel.

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Schedule C

1. Consulting Agreement Terms.

     1.1 Term of Consulting Period. As set forth in the Agreement, the Consulting Period shall be
the period commencing on the day following the Termination Date set forth in the Agreement (January
9, 2010) and expiring on May 31, 2011.

     1.2 Duties. Executive shall be available (either in person or by telephone consultation)
from time to time to render advice to and provide services for the Company, and to provide
information to and consult with the Company, concerning the legal matters of the Company. In
furtherance of the foregoing, Executive shall render the following specific services to the
Company:

     (a) For a period of no less than 90 days following the Termination Date set forth in
the Agreement (the “Transition Period”), Executive will be available on a reasonable basis,
for up to ten hours per week, to provide such services as may be requested by the Company
to assist in the transition of all management functions related to the Legal and Government
Affairs Departments to the new management of the Legal and Government Affairs Departments.
Without limiting the generality of the foregoing provision, Executive agrees he will
provide, within ten (10) business days following the Termination Date, a comprehensive
written list containing a complete description of all projects, negotiations, litigation
matters, and similar matters that are currently active and on which he has devoted any
substantive attention on behalf of the Company. As Executive has limited access to files,
information, and personnel, his compliance with this provision shall be on the basis of his
recollection and his compliance shall not form

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the basis of a complaint or alleged breach by the Company; provided, however, that Executive will
use his best efforts to fully comply with his obligations as stated.

     (b) After the completion of the Transition Period and continuing thereafter throughout the
remaining term of the Consulting Period, Executive will be available to
the Company on an as needed basis, for up to five hours per week, to provide consulting
services as may be requested in regard to (i) any remaining transition of management functions
related to the Legal and Government Affairs Departments to the new management of the Legal and
Government Affairs Departments; and (ii) any specific projects or discrete functions identified
from time to time by the Company in connection with the business of the Legal and Government
Affairs Departments. Executive will be required to perform and fulfill the specific tasks and
projects that may reasonably be assigned to him from time to time by the Company during the time
required to be devoted to the Company pursuant to this clause (b).

     (c) Executive agrees to provide assistance and cooperation in the operation of the Company’s
business, including but not limited to lawsuits, arbitration proceedings, governmental hearings,
investigations or proceedings (collectively, “legal proceedings”) in which the Company or any of
its subsidiaries or affiliates are a party or otherwise involved, as may be requested from time to
time. By way of example, assistance and cooperation may include (i) assisting in compiling
documents or other data in response to the Company’s requests for information, (ii) meeting with
legal counsel of the Company from time to time to assist in the preparation of arguments and the
discovery or compilation of factual matters, and (iii) providing testimony or statements in
connection with any legal proceedings. Upon reasonable request, Executive agrees to provide

C-2

 

historical information concerning relationships and other relevant data concerning the operations
of the Legal and Government Affairs Departments. This subparagraph (c) shall survive the expiration
of the Consulting Period.

     (d) Executive will be reimbursed for reasonable business expenses associated with any specific
projects or discrete functions requests pursuant to clauses (a), (b), or (c) in addition to being
paid $200.00 per hour for hours worked in excess of five hours per week after the Transition
Period. The amount of expenses eligible for reimbursement during a calendar year shall not affect
the expenses eligible for reimbursement in any other calendar year. Reimbursement of eligible
expenses shall be made on or before the last day of the calendar year following the calendar year in which the expenses were incurred.

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Schedule D

1. Indemnification Agreement.

     1.1 Indemnification — General. On the terms and subject to the conditions of the Agreement
and/or this Schedule D, the Company shall, to the fullest extent permitted by law,
indemnify Executive with respect to, and hold Executive harmless from and against, liabilities,
losses, costs, Expenses (as hereinafter defined) and other matters that may result from or arise in
connection with Executive’s status as an Executive and/or a consultant under this Agreement and
shall, to the fullest extent permitted by law, advance Expenses to Executive, notwithstanding that
such indemnification or advances are not specifically authorized by other provisions of the
Agreement. The indemnification obligations of the Company under the Agreement (a) shall continue
after such time as Executive ceases to serve as a consultant of the Company under the Agreement and
(b) include, without limitation, claims for monetary damages against Executive in respect of any
alleged breach of fiduciary duty, to the fullest extent permitted by law.

     1.2 Indemnification for Proceedings Other Than Proceedings by or in the Right of the Company.
If by reason of Executive’s status as an Executive or consultant to the Company under the
terms of the Agreement or otherwise, Executive was, is, or is threatened to be made, a party to or
a participant in any Proceeding (as hereinafter defined) other than a Proceeding by or in the
right of the Company to procure a judgment in its favor, the Company shall, to the fullest extent
permitted by law, indemnify Executive with respect to, and hold Executive harmless from and
against, all Expenses, liabilities, judgments, penalties, fines and amounts paid in settlement
(including all interest, assessments and other charges paid or payable in connection with or in
respect of such liabilities, judgments, penalties, fines and amounts paid in settlement)
reasonably incurred by Executive or on behalf of Executive in connection with

D-1

 

such Proceeding or any claim, issue or matter therein, if Executive acted in good faith and in a
manner Executive reasonably believed to be in, or not opposed to, the best interests of the Company
and, with respect to any criminal Proceeding, had no reasonable cause to believe Executive’s
conduct was unlawful.

     1.3 Indemnification for Proceedings by or in the Right of the Company. If by
reason of Executive’s status as Executive or consultant to the Company under the terms of the
Agreement or otherwise, Executive was, is, or is threatened to be made, a party to or a
participant in any Proceeding by or in the right of the Company to procure a judgment in its
favor, the Company shall, to the fullest extent permitted by law, indemnify Executive with respect
to, and hold Executive harmless from and against, all Expenses reasonably incurred by Executive or
on behalf of Executive in connection with such Proceeding if Executive acted in good faith and in
a manner Executive reasonably believed to be in, or not opposed to, the best interests of the
Company; provided, however, that indemnification against such Expenses shall be
made in respect of any claim, issue or matter in such Proceeding as to which Executive shall have
been adjudged by a court of competent jurisdiction to be liable to the Company only if (and only
to the extent that) the court in which such Proceeding shall have been brought or is pending shall
determine that despite such adjudication of liability and in light of all circumstances such
indemnification may be made.

     1.4 Mandatory Indemnification in Case of Successful Defense. Notwithstanding any other
provision of the Agreement, to the extent that Executive is, by reason of Executive’s status as
Executive or consultant to the Company under the terms of the Agreement or otherwise, a party to
(or a participant in) and is successful, on the merits or otherwise, in defense of any Proceeding
(including, without limitation, any Proceeding brought by or in the right of the

D-2

 

Company), the Company shall, to the fullest extent permitted by law, indemnify Executive with
respect to, and hold Executive harmless from and against, all Expenses reasonably incurred by
Executive or on behalf of Executive in connection therewith. If Executive is not wholly successful
in defense of such Proceeding but is successful, on the merits or otherwise, as to one or more but
less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest
extent permitted by law, indemnify Executive against all Expenses reasonably incurred by Executive
or on behalf of Executive in connection with each successfully resolved claim, issue
or matter. For purposes of Section 1.4 of this Schedule D and without limitation, the
termination of any claim, issue or matter in such a Proceeding by dismissal, with or without
prejudice, on substantive or procedural grounds, shall be deemed to be a successful result as to
such claim, issue or matter.

1.5 Advancement of Expenses.

     (a) The Company shall, to the fullest extent permitted by law, advance all
Expenses reasonably incurred by or on behalf of Executive in connection with the
investigation, defense, settlement or appeal of any Proceeding within twenty (20) calendar
days after the receipt by the Company of a statement or statements from Executive
requesting such advance or advances from time to time, whether prior to or after final
disposition of such Proceeding. Such advances shall, in all events, be a) unsecured and
interest free; and b) made without regard to Executive’s ability to repay the advances.

     (b) To obtain advancement of Expenses under this Schedule D, Executive shall
submit to the Company a written request for advancement of Expenses and, to the extent
required by applicable law, an unsecured written undertaking by or on behalf of

D-3

 

Executive to repay any Expenses advanced if it shall ultimately be determined that Executive
is not entitled to be indemnified against such Expenses. Upon submission of such request for
advancement of Expenses and unsecured written undertaking, Executive shall be entitled to
advancement of Expenses as provided in this Section 4.5(b), and such advancement of Expenses shall
continue until such time (if any) as there is a final judicial determination that Executive is not
entitled to indemnification.

1.6 Insurance.

     (a) The Company shall promptly obtain and, during the time period Executive serves the
Company as an Executive or consultant under the Agreement, maintain in full force and effect
directors’ and officers’ liability insurance that shall:

     (1) be provided by an insurance company that has a rating of at least “A” by A.M. Best
Company, Inc.;

     (2) provide Executive at least the same rights and benefits as are accorded to the
most favorably insured of the directors of any Clear Channel Entity; and

     (3) not have any deductible or retention with respect to Executive.

     (b) If, at the time the Company receives notice from any source of a Proceeding to which
Executive is a party or a participant (as a witness or otherwise), the Company has director and
officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to
the insurers in accordance with the procedures set forth in the respective policies. The Company
shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf
of Executive, all amounts payable as a result of such Proceeding in accordance with the terms of
such policies.

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     (c) If Executive ceases to serve the Company as an Executive or consultant under the terms of the
Agreement for any reason, the Company shall procure a run-off directors’ and officers’ liability
insurance policy with respect to claims arising from facts or events that occurred before the time
Executive ceased to serve the Company as an Executive or consultant and covering Executive, which
policy, without any lapse in coverage, will provide coverage for a period of six (6) years after
the time Executive ceased to serve the Company as an Executive or consultant and will provide
coverage (including amount and type of coverage and size of deductibles) that is substantially
comparable to the Company’s directors’ and officers’ liability insurance policy that was most
protective of Executive in the twelve (12) months preceding the time Executive ceased to serve the
Company as an Executive or consultant (but in any event will provide coverage at least as
protective as the coverage required pursuant to this Schedule D); provided,
however, that:

     (1) this obligation shall be suspended during the period immediately following the
time Executive ceases to serve the Company as an Executive or consultant if and only so long as the Company has a directors’ and officers’ liability
insurance policy in effect covering Executive for such claims that, if it were a run-off
policy, would meet or exceed the foregoing standards, but in any event this suspension
period shall end when a Change in Control occurs; and

     (2) no later than the end of the suspension period provided in the preceding clause
(i) (whether because of failure to have a policy meeting the foregoing standards or because
a Change in Control occurs), the Company shall

D-5

 

procure a run-off directors’ and officers’ liability insurance policy meeting the foregoing
standards and lasting for the remainder of the six-year period,

     (d) The Company shall not be liable under the Agreement and/or this Schedule D to pay or advance to Executive any amounts
otherwise indemnifiable hereunder if and to the extent that Executive has otherwise actually
received such payment under any insurance policy, contract, agreement or otherwise;
provided, however, that the Company hereby agrees it is the indemnitor of first
resort to provide advancement or indemnification.

1.7 Definitions Applicable to Indemnification Provisions of Schedule D.

     (a) “Beneficial Owner” or “Beneficial Ownership” have the meanings set forth
in Rule 13d-3 promulgated under the Exchange Act (as hereinafter defined) as in effect on the date
hereof.

     (b) “Change in Control” means any of the following events:

     (1) The acquisition in one or more transactions by any “person” (as the term person is
used for purposes of Section 13(d) or 14(d) of the Exchange Act), other than the Clear
Channel Entities (as hereinafter defined), of Beneficial Ownership of shares representing
at least a majority of the total voting power of the Voting Stock (as hereinafter defined);
or

     (2) Consummation by the Company, in a single transaction or series of related
transactions, of (A) a merger or consolidation involving the Company if the stockholders of the Company immediately prior to such merger or consolidation do
not own, directly or indirectly, immediately following such merger or consolidation, at
least a majority of the total voting power of the

D-6

 

outstanding voting securities of the entity resulting from such merger or consolidation or
(B) a sale, conveyance, lease, license, exchange or transfer (for cash, shares of stock,
securities or other consideration) of a majority or more of the assets or earning power of
the Company.

     (3) Notwithstanding the foregoing, a “Change in Control” shall not be deemed to
occur solely because a majority or more of the total voting power of the Voting Stock is
acquired by (A) a trustee or other fiduciary holding securities under one or more employee
benefit plans maintained by the Company or any of its subsidiaries or (B) any corporation
that, immediately prior to such acquisition, is owned directly or indirectly by the
stockholders of the Company in the same proportion as their ownership of stock in the
Company immediately prior to such acquisition.

     (c) “Clear Channel Entities” means any one or more of (i) CC Media Holdings, Inc.
(“CC Media”); (ii) any corporation, partnership, joint venture, association or other
entity of which CC Media is the Beneficial Owner (directly or indirectly) of 20% or more of the
outstanding voting stock, voting power, partnership interests or similar voting interests; and
(iii) any other corporation, partnership, joint venture, association or other entity that is
controlled by CC Media, controls CC Media or is under common control with CC Media;
provided, however, that in no event shall “Clear Channel Entities” include
(A) the Company, (B) any corporation, partnership, joint venture, association or other entity of
which the Company is the Beneficial Owner (directly or indirectly) of 20% or more of the
outstanding voting stock, voting power, partnership interests or similar voting interests or (C)
any other corporation, partnership, joint

D-7

 

venture, association or other entity that is controlled by the Company. For purposes of this
definition of “Clear Channel Entities,” the term “control” (including the terms “controlling,” “controlled by” and “under common control with”) means the
possession, direct or indirect, of the power to direct or cause the direction of the management and
policies of an entity, whether through the ownership of voting securities, by contract, or
otherwise.

     (d) “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations promulgated thereunder.

     (e) “Expenses” means all reasonable costs, fees and expenses and shall specifically
include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees and costs
of experts, witness fees, travel expenses, duplicating costs, printing and binding costs,
telephone charges, postage, delivery service fees, and all other disbursements or expenses of the
types customarily incurred in connection with prosecuting, defending, preparing to prosecute or
defend, investigating, being or preparing to be a witness, in, or otherwise participating in, a
Proceeding, including, but not limited to, the premium for appeal bonds, attachment bonds or
similar bonds and all interest, assessments and other charges paid or payable in connection with
or in respect of any such Expenses. Should any payment by the Company under this Agreement be
determined to be subject to any federal, state or local income or excise tax, “Expenses”
shall also include such amounts as are necessary to place Executive in the same after-tax position
(after giving effect to all applicable taxes) as Executive would have been in had no such tax been
determined to apply to such payments.

D-8

 

     (f) “Non-Affiliate Director” means a director of the Company who is not also (i) an
officer or employee of the Company or any other Outdoor Entity; or (ii) a director, officer or
employee of any Clear Channel Entity; provided, however, that a director of the
Company who is also an officer, director, shareholder, member, manager, partner or employee of Bain
Capital Partners, LLC or Thomas H. Lee Partners, L.P., or an affiliate of either entity, shall not
be a “Non-Affiliate Director.” Executive shall be deemed to be “Non-Affiliate
Director.”

     (g) “Outdoor Entity” means the Company, any of its subsidiaries and any other
corporation, partnership, limited liability company, joint venture, trust, employee benefit plan
or other enterprise with respect to which Executive serves as a director, officer, employee,
partner, representative, fiduciary or agent, or in any similar capacity, at the request of the
Company.

     (h) “Proceeding” includes any actual, threatened, pending or completed action, suit,
arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative
hearing or any other actual, threatened, pending or completed proceeding, whether brought by or in
the right of the Company or otherwise and whether civil, criminal, administrative or investigative
in nature, in which Executive was, is, may be or will be involved as a party, witness or
otherwise, by reason of Executive’s employment or consultant status or by reason of any action
taken by him or of any inaction on his part while acting as Executive or consultant for the
Company (in each case whether or not he is acting or serving in any such capacity or has such
status at the time any liability or expense is incurred for which indemnification or advancement
of Expenses can be provided under this Agreement).

D-9

 

     (i) “To the fullest extent permitted by law” means to the fullest extent permitted by
applicable law in effect on the date hereof, and to such greater extent as applicable law may
hereafter from time to time permit.

     (j) “Voting Stock” means the shares of all classes of the then-outstanding capital
stock of the Company entitled to vote generally in the election of directors.

D-10exv10w41

Exhibit 10.41

FIRST AMENDMENT

TO

REVOLVING PROMISSORY NOTE

     THIS FIRST AMENDMENT TO REVOLVING PROMISSORY NOTE, entered into on December 23, 2009 (this
“Amendment”), is made to the Revolving Promissory Note dated November 10, 2005 (the “Original
Note”), in the maximum available principal amount of $1.0 billion, executed by Clear Channel
Communications, Inc., a Texas corporation (“Maker”), as maker thereof, payable to the order of
Clear Channel Outdoor Holdings, Inc., a Delaware corporation (“CCOH”).

     Recitals. CCOH, as the current legal and equitable owner and holder, and the payee, of the
Original Note, and Maker desire to amend the Original Note (i) to extend the maturity date of the
Note and (ii) to amend the Contract Rate payable on the Note, with such new Contract Rate being
applicable as of the date hereof. Now, therefore, in consideration of the premises, covenants and
agreements herein contained, and for other good and valuable consideration, the receipt,
sufficiency and reasonably equivalent value of which are acknowledged by the parties hereto, Maker
and CCOH agree as follows:

     SECTION 1. Definitions. Capitalized terms used but not defined herein have the meanings and
uses assigned in the Original Note, and the term “Note” when used in this Amendment means the
Original Note, as amended hereby.

     SECTION 2. Amendments.

     2.1. The first sentence of the Original Note is hereby amended by replacing “August 10, 2010”
with “December 15, 2017”.

     2.2. The term “Contract Rate” as defined and used in the Original Note is hereby amended and
restated in its entirety to read as follows:

     “‘Contract Rate’ means a variable per annum rate of interest equal to the
“Contract Rate” as defined in the Revolving Promissory Note, dated August 2, 2005
(as amended), in the maximum available principal amount of $1.0 billion, executed by
CCOH, as maker thereof, payable to the order of CCU, as payee thereunder.”

     SECTION 3. Representations and Warranties. Maker represents and warrants to CCOH that Maker’s
representations and warranties set forth in the Original Note are true and correct in all material
respects as if made on the date hereof and on the effective date hereof, except as they may
specifically relate to an earlier date.

     SECTION 4. Continuing Effect of Original Note. Each of the Original Note and the other
Subject Documents, as amended hereby, is hereby ratified and confirmed in all respects, and all
references to the “Note” in the Original Note or any other Subject Document shall mean the Original
Note, as amended hereby. This Amendment shall not constitute an amendment of, or waiver with
respect to, any provision of the Original Note not expressly referred to herein and shall not be
construed as an amendment, waiver or consent to any action on the part of any party

 

 

hereto that would require an amendment, waiver or consent of CCOH except as expressly stated
herein.

     SECTION 5. Governing Law. This Amendment shall be governed by, and construed and interpreted
in accordance with, the law of the State of Texas.

     SECTION 6. Successors and Assigns. This Amendment is binding upon and shall inure to the
benefit of Maker and CCOH and their respective successors and assigns permitted by the Note, except
Maker may not assign or otherwise transfer any of its rights or obligations hereunder other than as
provided in the Note.

     SECTION 7. Counterparts. This Amendment may be executed in any number of counterparts, and by
each party hereto on separate counterparts, each of which counterpart when so executed shall be an
original, but all such counterparts taken together shall constitute one and the same instrument. A
counterpart signature page delivered by fax or internet transmission shall be as effective as
delivery of an originally executed counterpart.

[Remainder of Page Left Intentionally Blank]

2

 

     IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed and delivered
by their respective proper and duly authorized officers on, and effective as of, the date first set
forth above.

	 	 	 
	 

	 	MAKER:
	 
	 	 
	 

	 	Clear Channel Communications, Inc.
	 
	 	 
	 
	 	  /s/ Brian Coleman
	 

	 	 
	 

	 	Name: Brian Coleman
	 

	 	Title: Senior Vice President and
Treasurer
	 
	 	 
	 

	 	PAYEE:
	 
	 	 
	 

	 	Clear Channel Outdoor Holdings, Inc.
	 
	 	 
	 
	 	  /s/ Randall T. Mays
	 

	 	 
	 

	 	Name: Randall T. Mays
	 

	 	Title: Chief Financial Officer

First Amendment to “Due From CCU” Revolving Promissory Note

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