Document:

EX-10.3

Exhibit 10.3

THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE (COLLECTIVELY WITH THIS NOTE,
THE “SECURITIES”) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”)
OR ANY APPLICABLE STATE SECURITIES LAW, AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED,
PLEDGED OR HYPOTHECATED, UNLESS REGISTERED UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS,
OR UPON DELIVERY TO THE ISSUER OF THE SECURITIES OF AN OPINION OF COUNSEL IN FORM AND SUBSTANCE
SATISFACTORY TO THE ISSUER OF THE SECURITIES THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT
OR SUCH APPLICABLE STATE SECURITIES LAWS PURSUANT TO AVAILABLE EXEMPTIONS THEREFROM. THE TRANSFER
OF THE SECURITIES REPRESENTED HEREBY IS RESTRICTED PURSUANT TO THE TERMS HEREOF.

Claimsnet.com Inc.

Unsecured Convertible Promissory Note

$250,000.00 Dallas, Texas

March 20, 2008

Claimsnet.com Inc., a Delaware corporation (the “Company”), for value received, hereby
promises unconditionally to pay to Elmira United Corporation, or its permitted transferees or
assigns (collectively, the “Holder”), in immediately available and lawful money of the United
States of America (“Dollars” or “$”), the principal amount of Two Hundred Fifty Thousand Dollars
($250,000) (the “Principal”), plus any accrued and unpaid Interest thereon, on the Maturity Date
(as such terms are defined below).

This Unsecured Convertible Promissory Note (this “Note”) is issued to the Holder in connection
with the issuance by the Company, from time to time on or prior to December 31, 2008, of
substantially identical Unsecured Convertible Promissory Notes, provided that such other promissory
notes may vary as to their principal amounts and the dates of issuance thereof, which other
promissory notes, in the aggregate together with this Note, are not greater in principal amount
than $450,000 (such other Unsecured Convertible Promissory Notes, collectively with this Note, the
“Investor Notes”, and the holders of such Investor Notes, collectively with the Holder, the
“Investors”). The following is a statement of the rights of the Holder and the conditions to which
this Note is subject, and to which the Holder, by the acceptance of this Note, agrees.

	 	1.	 	Certain Definitions; Certain Interpretations.

1.9. Certain Definitions. As used herein, the following terms shall have the
following meanings:

“Business Day” means any day that is not a Saturday, Sunday or a legal holiday in the State of
Texas.

“Common Stock” means the common stock, par value $0.001 per share, of the Company.

“Conversion Price” means $0.21 per share, subject to adjustment as provided in this Note.

“Conversion Securities” means the shares of Common Stock issuable upon conversion of this Note
in accordance with Sections 5.1 and 5.2(d).

“Event of Default” shall have the meaning assigned to such term in Section 4.

“Interest” shall have the meaning assigned to such term in Section 2.2.

“Investors” shall have the meaning assigned to such term in the Preamble.

“Investor Notes” shall have the meaning assigned to such term in the Preamble.

“Issue Date” means the first date written above, which is the date of execution and issuance
of this Note.

“Maturity Date” means March 31, 2013.

“Person” means any individual, corporation, limited liability company, partnership, limited
partnership, limited liability partnership, firm, joint venture, association, joint stock company,
trust or other entity or organization, including a government or political subdivision or an agency
or instrumentality thereof.

“Securities Act” means the Securities Act of 1933, as amended.

1.10. Certain Interpretations. The definitions of terms herein shall apply equally to
the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The
word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as
from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference to any law, rule or
regulation herein shall be construed as referring to any amendment or modification of such law,
rule or regulation, (c) any reference herein to any Person shall be construed to include such
Person’s permitted successors and assigns, (d) the words “herein”, “hereof” and “hereunder”, and
words of similar import, shall be construed to refer to this Note in its entirety and not to any
particular provision hereof, (e) all references herein to Articles, Sections, Exhibits and
Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to,
this Agreement, except as otherwise expressly provided, and (f) the words “asset” and “property”
shall be construed to have the same meaning and effect and to refer to any and all tangible and
intangible assets and properties, including cash, securities, accounts and contract rights.

	 	2.	 	Repayment.

2.1. Principal. Unless earlier paid, converted or accelerated in accordance with
the provisions hereof, the entire outstanding Principal shall be due and payable on the Maturity
Date. Promptly following the payment in full of this Note, the Holder shall surrender this Note to
the Company for cancellation.

2.2. Interest. Interest on the unpaid Principal (“Interest”) during the period from
the Issue Date through the Maturity Date, shall accrue at a rate of four percent (4%) per annum,
non-compounding. Interest shall be computed on the basis of a 365-day year applied to actual days
elapsed. Unless the Interest on this Note is earlier paid, converted or accelerated in accordance
with the provisions hereof, all Interest then accrued and unpaid shall be due and payable in cash
on the Maturity Date (concurrently with the payment of Principal as provided in Section 2.1).

2.3. Location and Extension of Time for Repayments. All payments (including any
prepayments) of Principal, Interest and other amounts due and payable by the Company pursuant to
this Note shall be paid to the Holder at such Holder’s address for notice pursuant to Section 7.8.
If the outstanding Principal and Interest become due and payable on any day other than a Business
Day, the payment date thereof (including, without limitation, the Maturity Date) shall be
automatically extended to the next succeeding Business Day, and to such payable amounts shall
automatically be added the Interest which shall have accrued during such extension period at the
rate per annum herein specified.

	 	3.	 	Prepayments.

3.1. Optional Prepayment. Outstanding amounts under this Note may be prepaid, in
whole or in part, at any time at the option of the Company upon at least thirty days’ prior written
notice to the Holder (a “Prepayment Notice”), which Prepayment Notice shall set forth the amount of
Principal and Interest to be prepaid by the Company and the date thereof; provided, that, such
prepayment is made substantially simultaneously and pari passu with prepayment of the other
Investor Notes, in each case, as provided in Section 3.2.

3.2. Application of Prepayments. Prepayments made by the Company pursuant to this
Section 3 shall be applied as follows:

(i) First, to repayment of accrued and unpaid interest on the Investor Notes, pro rata
based on each Investor’s share of the aggregate amount of accrued interest then owed to the
Investors under all Investor Notes; and

(iii) Second, to repayment of the unpaid principal under the Investor Notes, pro rata
based on each Investor’s share of the aggregate principal amount then owed to the Investors
under all Investor Notes.

3.3. No Premiums, Penalties or Consent. No premium or penalty shall be payable, and no
consent of the Holder or the other Investors shall be required, in connection with any prepayment
of this Note or other Investor Notes.

	 	4.	 	Events of Default.

If one or more of the following events shall have occurred and be continuing (each, an
“Event of Default”):

(a) the Company shall fail to pay within ten (10) days of when due any principal of, or
accrued interest on, this Note or any of the other Investor Notes;

(b) the Company shall consummate the sale of all or substantially all of its assets, or
liquidate, dissolve or wind up;

(c) the Company shall commence a voluntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency
or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver,
liquidator, custodian or other similar official of it or any substantial part of its property, or
shall consent to any such relief or to the appointment of or taking possession by any such official
in an involuntary case or other proceeding commenced against it, or shall make a general assignment
for the benefit of creditors, or shall take any corporate action to authorize any of the foregoing;
or

(d) an involuntary case or other proceeding shall be commenced against the Company seeking
liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy,
insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee,
receiver, liquidator, custodian or other similar official of it or any substantial part of its
property, and such involuntary case or other proceeding shall remain undismissed for a period of
sixty (60) days; or an order for relief shall be entered against the Company under the federal
bankruptcy laws as now or hereafter in effect.

then, and in each and every such Event of Default, the Holder may, by written notice to the
Company, declare this Note to be, and this Note shall thereupon become, immediately due and payable
in full without presentment, demand, protest or other notice of any kind, all of which are hereby
waived by the Company; provided, however, that in the case of any of the Events of Default
specified in clauses (c) or (d) above, without any notice to the Company or any other act by the
Holder or the other Investors, this Note shall become immediately due and payable in full without
presentment, demand, protest or other notice of any kind, all of which are hereby waived by the
Company.

	 	5.	 	Conversion.

3.1. Conversion. At the option of the Company, exercised in accordance
with this Section 5, at any time or from time to time prior to the Maturity Date, all or any
portion of the outstanding Principal and Interest shall be converted into a number of shares of
Common Stock equal to the quotient obtained by dividing (i) the aggregate Principal and Interest
then outstanding by (ii) the Conversion Price. Notwithstanding anything herein to the contrary,
Holder shall have the right to exercise its conversion rights hereunder after receipt of a
Prepayment Notice and on or prior to the date of any such prepayment by the Company in accordance
with such Prepayment Notice.

3.2. Adjustment of Conversion Price. (a) In case the Company shall at any time issue
shares of Common Stock for no consideration by way of dividend or other distribution on the
outstanding Common Stock of the Company or subdivide or combine the outstanding shares of Common
Stock of the Company, the Conversion Price shall forthwith be proportionately decreased in the case
of such dividend, distribution or subdivision, or increased in the case of combination and, in
either case, rounded up or down to the nearest one cent. An adjustment made pursuant to this
Section 5.2 shall become effective when such dividend, distribution, subdivision or combination, as
the case may be, is actually made or becomes effective.

(b) No adjustment in the Conversion Price or in the number of shares of Common Stock issuable
upon conversion pursuant to Section 5.1 shall be made by reason of the issuance in exchange for
cash, property or services of shares of Common Stock or any securities convertible into, or
exercisable or exchangeable for, Common Stock, or carrying the right to purchase any of the
foregoing.

(c) In case of any reorganization, recapitalization or reclassification of the Company or the
outstanding Common Stock or in the case of any consolidation or merger of the Company with another
entity as a result of which the Company is not the surviving entity, or in the case of any sale of
all, or substantially all, of its property, the Holder shall instead thereafter have the right
pursuant to Section 5.1 to convert the outstanding Principal and Interest under this Note into the
kind and amount of shares of stock or other securities or property receivable upon such
reorganization, reclassification, consolidation, merger or sale by a holder of the number of shares
of Common Stock which the Holder would have had the right to convert this Note into immediately
prior to such reorganization, reclassification, consolidation, merger or sale, at a price equal to
the Conversion Price then in effect pertaining to this Note (the kind, amount and price of such
stock or other securities or property to be subject to subsequent adjustment as provided in this
Section 5.2). Notwithstanding anything contained herein to the contrary, no adjustment of the
Conversion Price shall be made by reason of the issuance of Common Stock or other securities
pursuant to the acquisition by the Company of all or substantially all of the stock, other
securities or property of any other entity.

(d) Irrespective of any adjustments in the Conversion Price, this Note and any replacement
notes theretofore or thereafter issued may continue to express the same price and number and kind
of shares as are stated in this Note.

3.3. Mechanics of Conversion. If the Holder determines to convert all or any portion
of this Note pursuant to Section 5.1, the Holder shall (i) notify the Company, in writing, at least
three (3) Business Days prior to the contemplated date, of the Holder’s election to convert all or
any portion of this Note, and (ii) surrender this Note for cancellation, duly endorsed, at the
office of the Company, or at such other place designated by the Company. Such conversion shall be
deemed to have been made immediately prior to the close of business on the date of the surrender of
this Note as provided in the immediately preceding sentence.

3.4. Issuance of Certificates; Issuance Tax. Promptly upon conversion of any
outstanding Principal and Interest, the Company shall issue to the Holder certificates representing
the number of shares of Common Stock into which such Principal and Interest, have been converted.
Upon conversion of an amount less than the total outstanding Principal and Interest then, subject
to Section 5.5, the Company shall issue to the Holder a duly authorized, validly issued replacement
note evidencing the portion of the outstanding Principal and Interest that was not so converted.
The issuance of certificates for Conversion Securities or a replacement note shall be made without
charge to the Holder for any issuance tax in respect thereof, if any, other than taxes in
connection with the issuance of a certificate for Conversion Securities in the name of any Person
other than the Holder.

3.5. No Fractional Shares; Release of Obligations under Note. No fractional
Conversion Securities shall be issued upon conversion of the outstanding Principal and Interest
under this Note; rather, the Company shall round the number of Conversion Securities to be issued
to the nearest whole number. Upon conversion or payment in full of the outstanding Principal and
Interest and any other amounts due and payable under this Note and the issuance of any securities
or other property issuable in connection with the conversion hereof, the Company shall be forever
released from all of its obligations, undertakings and liabilities under this Note.

	 	6.	 	Replacement of Note.

Upon receipt by the Company of evidence satisfactory to it of the loss, theft,
destruction or mutilation of this Note, and in case of loss, theft or destruction, of indemnity
reasonably satisfactory to it (with or without requirement of a surety bond in the Company’s sole
discretion), and upon reimbursement to the Company of all reasonable expenses incidental thereto,
and (if mutilated) upon surrender and cancellation of this Note, the Company shall make and deliver
to the Holder a new promissory note of like tenor in lieu of this Note. Any replacement promissory
note made and delivered in accordance with this Section 6 shall be dated as of the date hereof.

	 	7.	 	Miscellaneous.

4.1. Survival. All agreements and covenants contained in this Note shall survive
the execution hereof and shall remain in full force and effect until the earlier to occur of (i)
the payment in full of all outstanding Principal and Interest, and any other amounts due and
payable, under this Note, and (ii) the conversion of all outstanding Principal and Interest under
this Note, if applicable, into Conversion Securities in accordance with Section 5.

4.2. Assignment. The Holder may not assign or otherwise dispose of this Note or the
rights and obligations hereunder (including by operation of law) without the prior written consent
of the Company. Notwithstanding anything to the contrary in the foregoing, this Note may not be
assigned or otherwise disposed of by the Holder unless (i) registered under the Securities Act and
applicable state securities laws or (ii) the Company receives an opinion of counsel to the proposed
transferor in form and substance satisfactory to the Company, to the effect that such proposed
assignment or other disposition is exempt from the registration requirements of the Securities Act
and applicable state securities laws. Any instrument purporting to make an assignment or other
disposition in violation of this Section 7.2 shall be void.

4.3. Benefits of Note. The terms and provisions of this Note shall be binding upon
the successors, assigns, heirs, executors and administrators of the Company and the Holder and
shall inure to the benefit of, and be enforceable by, each Person who shall be a registered holder
of this Note from time to time. The Holder shall have no rights as a member of the Company solely
by virtue of the ownership of this Note.

4.4. Severability. In case any provision of this Note shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

4.5. Further Assurances. The Holder agrees to execute such other documents,
instruments, agreements and consents, and take such other actions as may be reasonably requested by
the Company hereto to effectuate the purposes of this Note.

4.6. Amendment and Waiver. The terms and provisions of this Note may only be
modified, amended or waived in writing signed by the Company and the Holder. All modifications,
amendments, waivers and consents shall be effective only in the specific instance for the purpose
for which given.

4.7. Delays or Omissions. No delay by the Holder or the Holder’s agents in exercising
any powers or rights hereunder shall operate as a waiver of such power or right, nor shall any
single or partial exercise of any power or right preclude other or further exercise thereof, or the
exercise of any other power or right hereunder or otherwise.

4.8. Notices. All notices required or permitted hereunder shall be in writing and
shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b)
when sent by confirmed facsimile transmission if sent during normal business hours of the
recipient, if not, then on the next business day, (c) five (5) days after having been sent by
registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after
deposit with a nationally recognized overnight courier, specifying next day delivery, with written
verification of receipt. All communications shall be sent as follows:

	 	 	 
	If to the Company:

	 	Claimsnet.com Inc.

14860 Montfort Drive, Suite 250

Dallas, Texas 75254 Attention: Chief Executive Officer

Facsimile: (214) 458-1737

	 	 	 	 	 
	With a copy to:
	 	Haynes and Boone, LLP
	 
	 	2505 N. Plano Rd, Suite 4000
	 
	 	Richardson, TX  75082-4101
	 
	 	Attention:  Casey Cohn
	 
	 	Facsimile:  (972) 692-9043
	If to Holder:
	 	Elmira United Corporation
	 
	 	Attention: J.R. Schellenberg
	 
	 	Kohlrainstrasse 1
	 
	 	Kuesnacht, Zurich 8700
	 
	 	Switzerland

or, to such other address or facsimile number as the party to whom notice is to be given may have
furnished to the other party in writing in accordance herewith.

4.9. Titles and Subtitles. The titles of the sections and subsections of this Note
are for convenience of reference only and are not to be considered in construing this Note.

4.10. Governing Law. This Note shall be construed in accordance with, and governed
by, the laws of the State of Delaware (without giving effect to conflict of laws principles).

4.11. Consent to Exclusive Jurisdiction and Service of Process. The Company and the
Holder each hereby irrevocably and unconditionally submits to the jurisdiction of the courts of the
State of Texas and of the Federal courts sitting in the State of Texas in any action or proceeding
directly or indirectly arising out of or relating to this Note or the transactions contemplated
hereby (whether based in contract, tort, equity or any other theory). The Company and the Holder
each agrees that all actions or proceedings arising out of or relating to this Note must be
litigated exclusively in any such court that sits in the County of Dallas, and accordingly, each
party irrevocably waives any objection which he or it may now or hereafter have to the laying of
the venue of any such action or proceeding in any such court. The Company and the Holder each
further irrevocably consents to service of process in the manner provided for notices in Section
7.8. Nothing in this Note will affect the right of the Company or the Holder to serve process in
any other manner permitted by law.

[Signature Page Follows]

1

In Witness Whereof, the Company has caused its duly authorized representative to
execute this Note, and the Company has caused this Note to be issued, each as of the date first set
forth above.

Claimsnet.com inc.

By: : /s/ Don Crosbie

Name: Don Crosbie

Title: CEO

2EX-10.1

EXHIBIT 10.1

EMPLOYMENT AGREEMENT

This Employment Agreement (this “Agreement”) is dated March 18, 2008 by and between Live
Nation Worldwide, Inc., a Delaware corporation (“Live Nation”), and Jason Garner (the “Employee”).

WHEREAS, Live Nation and the Employee desire to enter into an employment relationship under
the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the mutual covenants and agreements included in this
Agreement and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties, intending to be legally bound, agree as follows:

1. TERM OF EMPLOYMENT

The Employee’s term of employment starts effective as of September 1, 2007 and ends on the
close of business on December 31, 2010 (the “Term”), unless terminated earlier pursuant to the
terms set forth in Section 7 below.

2. TITLE AND DUTIES; EXCLUSIVE SERVICES

The Employee’s title is Chief Executive Officer, North American Music, as such title may be
amended during the Term upon the mutual agreement of the parties. The Employee will such perform
job duties that are usual and customary for this position, and will perform such additional
services and duties that Live Nation may from time to time designate that are consistent with the
usual and customary duties of this position (the “Services”). The Employee will report to Live
Nation’s President and Chief Executive Officer, currently Michael Rapino, or his successor. The
Employee agrees to abide by Live Nation’s rules, regulations and practices as adopted or modified
from time to time by Live Nation, including, without limitation, those set forth in Live Nation’s
Employee Handbook and its Code of Business Conduct and Ethics. The Employee will devote the
Employee’s full working time and efforts to the business and affairs of Live Nation. During
employment with Live Nation, the Employee shall not be employed elsewhere without the written
consent of Live Nation.

3. COMPENSATION AND BENEFITS

(a) Base Salary. Effective as of September 1, 2007, Live Nation will pay the Employee an
annual gross base salary of $650,000, less appropriate payroll deductions. Effective September 1,
2008, the Employee’s annual gross base salary will increase to $700,000, less appropriate payroll
deductions. Effective September 1, 2009, the Employee’s annual gross base salary will increase to
$750,000, less appropriate payroll deductions. All payments of base salary will be made in regular
installments in accordance with Live Nation’s payroll practices, prorated monthly or weekly where
appropriate.

(b) Performance Bonus. For each calendar year of this Agreement beginning in 2008, the
Employee will be eligible to receive a performance bonus (a “Performance Bonus”) of up to 100% of
his then-current base salary based on the achievement of performance targets to be set and
determined annually by Live Nation in its sole and absolute discretion.

(c) Retention Bonus. Live Nation shall pay to the Employee, no later than the next regular
payday after the execution of this Agreement, $650,000 as a retention bonus (the “Retention
Bonus”). The Retention Bonus will be offset against any Performance Bonus(es) subsequently earned
by the Employee under this Agreement. If the Employee is still employed with Live Nation as of
December 31, 2010 (the “Target Date”), any remaining Retention Bonus that has not been so offset
(“Unearned Portion of the Retention Bonus”) shall be deemed earned by the Employee. If the
Employee’s employment is terminated before the Target Date, any remaining Unearned Portion of the
Retention Bonus shall be treated as follows: (i) if the Employee is terminated for Cause or
terminates without Good Reason, the Employee shall repay an Unearned Portion of the Retention Bonus
within ten business days following such termination; or (ii) if the Employee is terminated (A)
without Cause or (B) due to death or disability or if the Employee terminates with Good Reason, the
Employee shall be deemed to have earned any otherwise Unearned Portion of the Retention Bonus. The
Employee acknowledges that the Retention Bonus shall be subject to withholding in accordance with
Live Nation’s ordinary payroll practices.

(d) Employee Benefit Plans. The Employee will be entitled to participate in all group health,
hospitalization and disability or other insurance plans, sick leave and other employee welfare
benefit plans in which other similarly-situated employees of Live Nation may participate as stated
in Live Nation’s Employee Handbook and in accordance with the benefit plans established by Live
Nation, and as may be amended from time to time in Live Nation’s sole discretion.

(e) Vacation. The Employee will be eligible for 4 weeks paid vacation annually, subject to
the applicable policies, restrictions and conditions set forth in Live Nation’s Employee Handbook,
as may be amended from time to time.

(f) Expenses. Upon submission of proper documentation in accordance with Live Nation’s
expense reimbursement policies, Live Nation will pay or reimburse the Employee for all normal and
reasonable business expenses incurred by the Employee in connection with the Employee’s provision
of the Services.

4. NON-DISCLOSURE OF CONFIDENTIAL INFORMATION

During the course of the Employee’s employment with Live Nation, Live Nation will provide the
Employee with access to certain confidential information, trade secrets and other matters which are
of a confidential or proprietary nature, including, without limitation, Live Nation’s customer
lists, pricing information, production and cost data, compensation and fee information, strategic
business plans, budgets, financial statements, employment pay information and data and other
information Live Nation treats as confidential or proprietary (collectively, the “Confidential
Information”). Live Nation provides on an ongoing basis such Confidential Information as Live
Nation deems necessary or desirable to aid the Employee in the performance of the Employee’s
duties. The Employee understands and acknowledges that such Confidential Information is
confidential and proprietary, and agrees not to disclose such Confidential Information to anyone
outside Live Nation except to the extent that: (i) the Employee deems such disclosure or use
reasonably necessary or appropriate in connection with performing the Employee’s duties on behalf
of Live Nation; (ii) the Employee is required by order of a court of competent jurisdiction (by
subpoena or similar process) to disclose or discuss any Confidential Information, provided that in
such case, the Employee will promptly inform Live Nation of such event, will cooperate with Live
Nation in attempting to obtain a protective order or to otherwise restrict such disclosure and will
only disclose Confidential Information to the minimum extent necessary to comply with any such
court order; or (iii) such Confidential Information becomes generally known to and available for
use in the industries in which Live Nation does business, other than as a result of any action or
inaction by the Employee.

The Employee further agrees that the Employee will not during employment and/or at any time
thereafter use such Confidential Information for any purpose, including, without limitation,
competing, directly or indirectly, with Live Nation. The Employee agrees that any confidential or
proprietary information and materials the Employee receives from third parties relating to the
Employee’s employment with Live Nation shall be deemed “Confidential Information” for all purposes
of this Agreement and will be subject to all limitations on use and disclosure set forth in this
Agreement, and the Employee will not use or disclose any such information and materials in any
manner inconsistent with any of Live Nation’s obligations towards such third party. At such time
as the Employee ceases to be employed by Live Nation, the Employee will immediately turn over to
Live Nation all Confidential Information, including papers, documents, writings, electronically
stored information, other property and all copies of them, provided to or created by the Employee
during the course of the Employee’s employment with Live Nation.

5. NON-SOLICITATION AND NON-HIRE OF LIVE NATION EMPLOYEES

To further preserve the rights of Live Nation pursuant to the non-disclosure covenant above,
and for the consideration promised by Live Nation under this Agreement, during the Employee’s
employment with Live Nation and for a period of 12 months following the termination of the
Employee’s employment with Live Nation for any reason, the Employee will not, directly or
indirectly: (i) hire any current Live Nation employee or any former Live Nation employee within six
months of the termination of that individual’s employment with Live Nation (“Current or Former
Employee”); (ii) solicit or encourage any current employee to terminate his or her employment with
Live Nation; (iii) solicit or encourage any Current or Former Employee to accept employment with
any business, person or entity with which the Employee may be associated; or (iv) encourage or
assist in any way any such business, person or entity from taking any action which the Employee
could not take individually under this Section 5, including, without limitation, identifying any
Current or Former Employee as a potential candidate for employment therewith.

6. NON-COMPETITION

To further preserve the rights of Live Nation pursuant to the non-disclosure covenant above,
and for the consideration promised by Live Nation under this Agreement, during the Employee’s
employment with Live Nation, the Employee will not, directly or indirectly, including, without
limitation, as an owner, director, principal, agent, officer, employee, partner, consultant or
otherwise, carry on, operate, manage, control or become involved in any manner with any business,
operation, corporation, partnership, association, agency or other person or entity which is in the
same business as Live Nation in any location in which Live Nation operates or has projected to
operate during the Employee’s employment with Live Nation, including any area within a 50-mile
radius of any such location. The foregoing shall not prohibit the Employee from owning up to 5% of
the outstanding capital stock of any publicly-held company.

To further preserve the rights of Live Nation pursuant to the non-disclosure covenant above,
and for the consideration promised by Live Nation under this Agreement, during the Employee’s
employment with Live Nation, the Employee will not, directly or indirectly, either for the Employee
or for any other business, operation, corporation, partnership, association, agency or other person
or entity, call upon, compete for, solicit, divert, take away, or attempt to divert or take away,
current or prospective customers of Live Nation, including, without limitation, any customer: (i)
with whom Live Nation has an existing agreement or business relationship; or (ii) with whom Live
Nation has had an agreement or business relationship within the six-month period preceding the
Employee’s last day of employment with Live Nation.

Live Nation and the Employee agree that the restrictions contained in this non-competition
covenant are reasonable in scope and duration and are necessary to protect Live Nation’s business
interests and Confidential Information. If any provision of this non-competition covenant as
applied to any party or to any circumstance is judged by a court or arbitrator to be invalid or
unenforceable, the same will in no way affect the validity or enforceability of this Agreement. If
any such provision of this non-competition covenant, or any part thereof, is held to be
unenforceable because of the scope, duration or geographic area covered thereby, the parties agree
that the court or arbitrator making such determination will have the power to reduce the scope
and/or duration and/or geographic area of such provision, and/or to delete specific words or
phrases, and in its reduced form, such provision shall then be enforceable and shall be enforced.

The parties acknowledge and agree that any breach of this non-competition covenant will cause
irreparable damage to Live Nation, and upon any such breach of any provision of this
non-competition covenant, Live Nation shall be entitled to injunctive relief, specific performance
or other equitable relief; provided, however, that this shall in no way limit any other remedies
which Live Nation may have (including, without limitation, the right to seek monetary damages).
Should the Employee violate the any provision of this non-competition covenant, then, in addition
to all other rights and remedies available to Live Nation at law or in equity, the duration of this
covenant shall automatically be extended for the period of time from which the Employee began such
violation until the Employee permanently ceases such violation.

7. TERMINATION

The Employee’s employment with Live Nation may be terminated under the following
circumstances:

(a) Termination upon Death. The Employee’s employment with Live Nation will terminate upon
the Employee’s death.

(b) Termination upon Disability. Live Nation may terminate the Employee’s employment with
Live Nation if, as a result of the Employee’s incapacity due to physical or mental illness, the
Employee is unable to perform the Services under this Agreement on a full-time basis for more than
90 days in any 12-month period, as determined by Live Nation.

(c) Termination by Live Nation. Live Nation may terminate the Employee’s employment with Live
Nation for any reason at any time, with or without notice. Live Nation may also terminate the
Employee’s employment for “Cause.” A termination for Cause must be for one or more of the
following reasons: (i) continued non-performance by the Employee of the Employee’s duties hereunder
(other than by reason of the Employee’s physical or mental illness, incapacity or disability) where
such non-performance has continued for more than 30 days following notice of such non-performance;
(ii) the Employee’s refusal or failure to follow lawful directives where such refusal or failure
has continued for more than 30 days following written notice of such refusal or failure; (iii) a
criminal or civil conviction of the Employee, a plea of nolo contendere by the Employee or other
conduct by the Employee that, as determined in the sole discretion of Live Nation, has resulted in,
or would reasonably be expected to result in if the Employee were retained in the Employee’s
position with Live Nation, material injury to the reputation of Live Nation, including, without
limitation, conviction of fraud, theft, embezzlement or a crime involving moral turpitude; (iv) a
breach by the Employee of any provision of this Agreement; (v) conduct by the Employee constituting
a material act of misconduct in connection with the performance of the Employee’s duties,
including, without limitation, violation of Live Nation’s policy on sexual harassment,
misappropriation of funds or property of Live Nation other than the occasional, customary and de
minimis use of Live Nation property for personal purposes, or any other act of misconduct as
determined in the sole discretion of Live Nation; or (vi) a violation by the Employee of Live
Nation’s employment policies, including, without limitation, those set forth in Live Nation’s
Employee Handbook or Live Nation’s Code of Business Conduct and Ethics.

(d) Termination by the Employee for Good Reason. The Employee may terminate this Agreement at
any time for “Good Reason,” which is defined as any one of the following: (i) a repeated failure of
Live Nation to comply with a material term of this Agreement; (ii) a substantial and unusual
increase in the Employee’s duties and responsibilities without an offer of additional reasonable
compensation as determined by Live Nation in light of compensation levels for similarly-situated
employees; or (iii) a substantial and unusual reduction in the Employee’s duties and
responsibilities. Prior to the Employee’s termination of this Agreement for Good Reason under (i),
(ii) or (iii) above, the Employee must provide Live Nation with 30 days advance written notice in
which Live Nation may resolve the issue.

(e) Other Termination by the Employee. The Employee may terminate the Employee’s employment
with Live Nation for any reason at any time upon 90 days prior written notice to Live Nation.
Notwithstanding the foregoing, if the Employee terminates under this Section 7(e), Live Nation will
not be required to continue employment during the notice period and may determine an earlier date
on which the Employee’s employment will end.

8. COMPENSATION UPON TERMINATION

(a) Termination upon Death. If the Employee’s employment with Live Nation terminates by
reason of the Employee’s death, Live Nation will, within 30 days of such termination, pay to such
person as the Employee may designate or, if no such person is designated, to the Employee’s estate
in a lump sum amount the Employee’s accrued and unpaid base salary, prorated bonus, if any,
unreimbursed expenses and any payments to which the Employee’s spouse, beneficiaries or estate may
be entitled under any applicable employee benefit plan (collectively, “Benefit Payments”).

(b) Termination upon Disability. If the Employee’s employment with Live Nation terminates by
reason of the Employee’s disability, Live Nation will, within 30 days of such termination, pay to
the Employee in a lump sum amount the Employee’s accrued and unpaid base salary, prorated bonus, if
any, unreimbursed expenses and any Benefit Payments.

(c) Termination by Live Nation for Cause. If the Employee’s employment with Live Nation is
terminated by Live Nation for Cause, Live Nation will, within 30 days of such termination, pay to
the Employee in a lump sum amount the Employee’s accrued and unpaid base salary, unreimbursed
expenses and any Benefit Payments.

(d) Termination by Live Nation Without Cause or Termination by the Employee for Good Reason.
If the Employee’s employment with Live Nation is terminated by Live Nation without Cause, or by the
Employee for Good Reason during the Term, Live Nation will, within 30 days of such termination, pay
to the Employee in a lump sum amount the Employee’s accrued and unpaid base salary, prorated bonus,
if any, unreimbursed expenses and any Benefit Payments. In addition, if the Employee signs a
general release of claims in a form and manner satisfactory to Live Nation, Live Nation will,
within 90 days, begin paying to the Employee in regular installments in accordance with Live
Nation’s payroll practices and less appropriate payroll deductions, an amount equal to the
Employee’s monthly base salary for the greater of (i) 12 months or (ii) the remainder of the Term.

(e) Termination by Live Nation or the Employee as a Result of Expiration of the Term. If the
Employee’s employment with Live Nation is terminated by Live Nation or the Employee as a result of
expiration of the Term, Live Nation will, within 30 days of such termination, pay to the Employee
in a lump sum amount the Employee’s accrued and unpaid base salary, prorated bonus, if any,
unreimbursed expenses and any Benefit Payments.

(f) Effect of Compliance with Compensation upon Termination Provisions. Upon complying with
Sections 8(a) through 8(e) above, as applicable, Live Nation will have no further obligations to
the Employee except as otherwise expressly provided under this Agreement, provided that such
compliance will not adversely affect or alter the Employee’s rights under any employee benefit plan
of Live Nation in which the Employee has a vested interest, unless otherwise provided in such
employee benefit plan or any agreement or other instrument attendant thereto.

(g) Delayed Payments. In the event that Section 409A (“409A”) of the Internal Revenue Code of
1986, as amended (the “Code”), applies to any compensation with respect to the Employee’s
termination, payment of that compensation shall be delayed if the Employee is determined to be a
“specified employee,” as defined in 409A(a)(2)(B)(i), and such delayed payment is required by 409A.
Such delay shall last six months from the date of the Employee’s termination. Within 30 days
following the end of such six-month period, Live Nation will make a catch-up payment to the
Employee equal to the total amount of such payments that would have been made during the six-month
period but for this Section 8(g). The Employee expressly agrees and acknowledges that,
notwithstanding the foregoing, in the event that any taxes are imposed under Internal Revenue Code
Section 409A in respect of any compensation or benefits payable to the Employee, whether in
connection with a termination of employment or otherwise, then (i) the payment of such taxes shall
be solely the Employee’s responsibility, (ii) neither Live Nation, its affiliated entities nor any
of their respective past or present directors, officers, employees or agents shall have any
liability for any such taxes and (iii) the Employee shall indemnify and hold harmless, to the
greatest extent permitted under law, each of the foregoing from and against any claims or
liabilities that may arise in respect of any such taxes.

9. PARTIES BENEFITED; ASSIGNMENTS

This Agreement shall be binding upon the Employee, the Employee’s heirs and the Employee’s
personal representative or representatives, and upon Live Nation and its respective successors and
assigns. Neither this Agreement nor any rights or obligations hereunder may be assigned by the
Employee, other than by will or by the laws of descent and distribution.

10. GOVERNING LAW; VENUE

This Agreement shall be governed by and construed in accordance with the internal laws of the
State of California without giving effect to any choice of law or conflict provisions or rule
(whether of the State of California or any other jurisdiction) that would cause the application of
the laws of any jurisdiction other than the State of California and the Employee hereby expressly
consents to the personal jurisdiction of the state and federal courts located in Los Angeles,
California for any lawsuit arising from or relating to this Agreement.

11. DEFINITION OF LIVE NATION

As used in this Agreement, the term “Live Nation” includes Live Nation Worldwide, Inc. and any
of its past, present and future divisions, operating companies, parent entities, subsidiaries and
affiliates.

12. LITIGATION AND REGULATORY COOPERATION

During and after the Employee’s employment, the Employee will reasonably cooperate with Live
Nation in the defense or prosecution of any claims or actions now in existence or which may be
brought in the future against or on behalf of Live Nation which relate to events or occurrences
that transpired while the Employee was employed by Live Nation; provided, however, that such
cooperation shall not materially and adversely affect the Employee or expose the Employee to an
increased probability of civil or criminal litigation. The Employee’s cooperation in connection
with such claims or actions shall include, without limitation, being available to meet with counsel
to prepare for discovery or trial and to act as a witness on behalf of Live Nation at mutually
convenient times. During and after the Employee’s employment, the Employee also shall cooperate
fully with Live Nation in connection with any investigation or review of any federal, state or
local regulatory authority as any such investigation or review relates to events or occurrences
that transpired while the Employee was employed by Live Nation. Live Nation will pay the Employee
on an hourly basis (to be derived from the Employee’s most recent base salary) for requested
litigation and regulatory cooperation that occurs after the Employee’s termination of employment,
and will reimburse the Employee for all costs and expenses incurred in connection with the
Employee’s performance under this Section 12, including, without limitation, reasonable attorneys’
fees and costs.

13. ARBITRATION

The parties agree that any dispute, controversy or claim, whether based on contract, tort,
statute, discrimination, retaliation or otherwise, relating to, arising from or connected in any
manner to this Agreement, or to any alleged breach of this Agreement, or arising out of or relating
to the Employee’s employment or termination of employment, shall, upon the timely written request
of either party be submitted to and resolved by binding arbitration. The arbitration shall be
conducted in Los Angeles, California. 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 and who is selected pursuant to the methods set out in
the National Rules for Resolution of Employment Disputes of the AAA. Any claims received after the
applicable/relevant statute of limitations period has passed shall be deemed null and void. The
award of the arbitrator shall be a reasoned award with findings of fact and conclusions of law.
Either party may bring an action in any court of competent jurisdiction to compel arbitration under
this Agreement, to enforce an arbitration award and to vacate an arbitration award. However, in
actions seeking to vacate an award, the standard of review to be applied by said court to the
arbitrator’s findings of fact and conclusions of law will be the same as that applied by an
appellate court reviewing a decision of a trial court sitting without a jury. Live Nation will pay
the actual costs of arbitration excluding attorneys’ fees to the extent required by law. Each
party will pay its own attorneys’ fees and other costs incurred by their respective attorneys.

14. REPRESENTATIONS AND WARRANTIES OF THE EMPLOYEE

The Employee represents and warrants to Live Nation that: (i) the Employee is under no
contractual or other restriction which is inconsistent with the execution of this Agreement, the
performance of the Employee’s duties hereunder or the other rights of Live Nation hereunder; (ii)
the Employee is under no physical or mental disability that would hinder the performance of the
Employee’s duties under this Agreement; (iii) the Employee’s execution of this Agreement and
performance of the Services under this Agreement will not violate any obligations that the Employee
may have to any other or former employer, person or entity, including any obligations to keep in
confidence proprietary information, knowledge or data acquired by the Employee in confidence or in
trust prior to becoming an employee of Live Nation. The Employee further represents, warrants and
covenants that the Employee will not disclose to Live Nation, or use in connection with the
Employee’s activities as an employee of Live Nation, or induce Live Nation to use, any proprietary
or confidential information or trade secrets of the Employee or any third party at any time,
including, without limitation, any proprietary, confidential information or trade secrets of any
former employer.

15. MISCELLANEOUS

This Agreement contains the entire agreement of the parties relating to the subject matter
hereof. This Agreement supersedes any prior written or oral agreements or understandings between
the parties relating to the subject matter hereof, including, without limitation, that certain
Employment Agreement dated effective March 29, 2007. No modification or amendment of this
Agreement shall be valid unless in writing and signed by Live Nation and the Employee. The failure
of a party to require performance of any provision of this Agreement shall in no manner affect the
right of such party at a later time to enforce any provision of this Agreement. A waiver of the
breach of any term or condition of this Agreement shall not be deemed to constitute a waiver of any
subsequent breach of the same or any other term or condition. This Agreement is intended to be
performed in accordance with, and only to the extent permitted by, all applicable laws, ordinances,
rules and regulations. If any provision of this Agreement, or the application thereof to any
person or circumstance, shall, for any reason and to any extent, be held invalid or unenforceable,
such invalidity and unenforceability shall not affect the remaining provisions hereof or the
application of such provisions to other persons or circumstances, all of which shall be enforced to
the greatest extent permitted by law. The headings in this Agreement are inserted for convenience
of reference only and shall not be a part of, or control or affect the meaning of, any provision
hereof. This Agreement shall not be construed against any party on the grounds that such party
drafted this Agreement.

[Remainder of Page Intentionally Left Blank]

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THE EMPLOYEE ACKNOWLEDGES THAT THE EMPLOYEE HAS HAD THE OPPORTUNITY TO CONSULT LEGAL COUNSEL
CONCERNING THIS AGREEMENT, THAT THE EMPLOYEE HAS READ AND UNDERSTANDS THIS AGREEMENT, THAT THE
EMPLOYEE IS FULLY AWARE OF ITS LEGAL EFFECT AND THAT THE EMPLOYEE HAS ENTERED INTO IT FREELY BASED
ON THE EMPLOYEE’S OWN JUDGMENT AND NOT ON ANY REPRESENTATIONS OR PROMISES OTHER THAN THOSE
CONTAINED IN THIS AGREEMENT.

IN WITNESS WHEREOF, the parties have duly executed and delivered this Agreement effective as
of the date first written above.

	 	 	 	 	 
	 	 	 	 	THE EMPLOYEE
	Date:

	 	March 18, 2008
	 	/s/ Jason Garner
	
 
	 	 
	 	 
	
 
	 	 	 	Jason Garner

	 	 	 	 	 

	 	 	 	 	 
	 	 	 	 	LIVE NATION WORLDWIDE, INC.
	Date:

	 	March 18, 2008
	 	By: /s/ Michael Rapino
	
 
	 	 
	 	 
	
 
	 	 	 	Name: Michael Rapino
	
 
	 	 	 	Title: President and Chief Executive Officer

[Signature Page to Employment Agreement]

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