Document:

exv10w38

Exhibit 10.38

EXECUTION COPY

Clear Channel Worldwide Holdings, Inc.

9.250/0 Series B Senior Notes Due 2017

unconditionally guaranteed as to the

payment of principal, premium,

if any, and interest by the Guarantors

 

 Exchange and Registration Rights Agreement

December 23, 2009

Goldman, Sachs & Co.

     As representative of the several Purchasers named in

     Schedule I to the Purchase Agreement

85 Broad Street New

York, NY 10004

Ladies and Gentlemen:

          Clear Channel Worldwide Holdings, Inc., a Nevada corporation (the “Company”), proposes to
issue and sell to the Purchasers (as defined herein) upon the terms set forth in the Purchase
Agreement (as defined herein) $2,000,000,000 in aggregate principal amount of its 9.25% Series B
Senior Notes due 2017. As an inducement to the Purchasers to enter into the Purchase Agreement and
in satisfaction of a condition to the obligations of the Purchasers thereunder, the Company and the
Guarantors agree with the Purchasers for the benefit of holders (as defined herein) from time to
time of the Registrable Securities (as defined herein) as follows:

          1. Certain Definitions. For purposes of this Exchange and Registration Rights Agreement (this
’’Agreement’), the following terms shall have the following respective meanings:

     “Base Interest” shall mean the interest that would otherwise accrue on the Securities
under the terms thereof and the Indenture, without giving effect to the provisions of this
Agreement.

     The term “broker-dealer” shall mean any broker or dealer registered with the Commission
under the Exchange Act.

     “Business Day” shall have the meaning set forth in Rule 13e-4(a)(3) promulgated by the
Commission under the Exchange Act, as the same may be amended or succeeded from time to time.

     “Closing Date” shall mean the date on which the Securities are initially issued.

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     “Commission” shall mean the United States Securities and Exchange Commission, or any other
federal agency at the time administering the Exchange Act or the Securities Act, whichever is the
relevant statute for the particular purpose.

     “Effective Time,” in the case of (i) an Exchange Registration, shall mean the time and date as
of which the Commission declares the Exchange Registration Statement effective or as of which the
Exchange Registration Statement otherwise becomes effective and (ii) a Shelf Registration, shall
mean the time and date as of which the Commission declares the Shelf Registration Statement
effective or as of which the Shelf Registration Statement otherwise becomes effective.

     “Electing Holder” shall mean any holder of Registrable Securities that has returned a
completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(ii) or
Section 3(d)(iii) and the instructions set forth in the Notice and Questionnaire.

     “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated by the Commission thereunder, as the same may be amended or succeeded from
time to time.

     “Exchange Offer” shall have the meaning assigned thereto in Section 2(a).

     “Exchange Registration” shall have the meaning assigned thereto in Section 3(c).

     “Exchange Registration Statement” shall have the meaning assigned thereto in Section 2(a).

     “Exchange Securities” shall have the meaning assigned thereto in Section 2(a).

     “Guarantor” shall have the meaning assigned thereto in the Indenture.

     The term “holder” shall mean each of the Purchasers and other persons who acquire Securities
from time to time (including any successors or assigns), in each case for so long as such person
owns any Securities.

     “IDEA System” means the IDEA filing system of the Commission and the rules and regulations
pertaining thereto promulgated by the Commission in Regulation S-T under the Securities Act and the
Exchange Act, in each case as the same may be amended or succeeded from time to time (and without
regard to format).

     “Indenture” shall mean the trust indenture related to the Series B Notes, dated as of December
23, 2009, between the Company, the Guarantors and U.S. Bank National Association, as trustee, as
the same may be amended from time to time.

     “Notice and Questionnaire” means a Notice of Registration Statement and Selling Securityholder
Questionnaire substantially in the form of Exhibit A hereto.

     The term “person” shall mean a corporation, limited liability company, association,
partnership, organization, business, individual, government or political subdivision thereof or
governmental agency.

     “Purchase Agreement” shall mean the Purchase Agreement, dated as of December 18, 2009, between
the Purchasers, the Company and the Guarantors relating to the Securities.

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     “Purchasers” shall mean the Purchasers named in Schedule I to the Purchase Agreement.

     “Registrable Securities” shall mean the Securities; provided, however, that a Security shall
cease to be a Registrable Security upon the earliest to occur of the following: (i) in the
circumstances contemplated by Section 2(a), the Security has been exchanged for an Exchange
Security in an Exchange Offer as contemplated in Section 2(a) (provided that any Exchange Security
that, pursuant to the last two sentences of Section 2(a), is included in a prospectus for use in
connection with resales by broker-dealers shall be deemed to be a Registrable Security with respect
to Sections 5, 6 and 9 until resale of such Registrable Security has been effected within the
Resale Period); (ii) in the circumstances contemplated by Section 2(b), a Shelf Registration
Statement registering such Security under the Securities Act has been declared or becomes effective
and such Security has been sold or otherwise transferred by the holder thereof pursuant to and in a
manner contemplated by such effective Shelf Registration Statement; (iii) subject to Section 8(b),
such Security is actually sold by the holder thereof pursuant to Rule 144 under circumstances in
which any legend borne by such Security relating to restrictions on transferability thereof, under
the Securities Act or otherwise, is removed by the Company or pursuant to the Indenture; or (iv)
such Security shall cease to be outstanding.

     “Registration Default” shall have the meaning assigned thereto in Section 2(c).

     “Registration Default Period” shall have the meaning assigned thereto in Section 2(c).

     “Registration Expenses” shall have the meaning assigned thereto in Section 4.

     “Resale Period” shall have the meaning assigned thereto in Section 2(a).

     “Restricted Holder” shall mean (i) a holder that is an affiliate of the Company within the
meaning of Rule 405, (ii) a holder who acquires Exchange Securities outside the ordinary course of
such holder’s business, (iii) a holder who has arrangements or understandings with any person to
participate in the Exchange Offer for the purpose of distributing Exchange Securities and (iv) a
holder that is a broker-dealer, but only with respect to Exchange Securities received by such
broker-dealer pursuant to an Exchange Offer in exchange for Registrable Securities acquired by the
broker-dealer directly from the Company.

     “Rule 144,” “Rule 405”, “Rule 415’: “Rule 424”, “Rule 430B”
and “Rule 433” shall mean, in each
case, such rule promulgated by the Commission under the Securities Act (or any successor
provision), as the same may be amended or succeeded from time to time.

     “Securities” shall mean the $2,000,000,000 in aggregate principal amount of the Company’s
9.25% Series B Senior Notes due 2017 (the “Series B Notes”) to be issued and sold to
the Purchasers, and securities issued in exchange therefor or in lieu thereof pursuant to the
Indenture. Each Security is entitled to the benefit of the guarantees provided by the Guarantors in
the Indenture (the “Guarantees”) and, unless the context otherwise requires, any reference herein
to a “Security,” an “Exchange Security” or a “Registrable Security” shall include a reference to
the related Guarantees.

     “Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and
regulations promulgated by the Commission thereunder, as the same may be amended or succeeded from
time to time.

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     “Shelf Registration” shall have the meaning assigned thereto in Section 2(b).

     “Shelf Registration Statement” shall have the meaning assigned thereto in Section 2(b).

     “Special Interest” shall have the meaning assigned thereto in Section 2(c).

     “Suspension Period” shall have the meaning assigned thereto in Section 2(b).

     ’’Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended, and the
rules and regulations promulgated by the Commission thereunder, as the same may be amended or
succeeded from time to time.

     “Trustee” shall mean U.S. Bank National Association, as trustee under the Indenture,
together with any successors thereto in such capacity.

          Unless the context otherwise requires, any reference herein to a “Section” or “clause” refers
to a Section or clause, as the case may be, of this Agreement, and the words “herein,” “hereof’ and
“hereunder” and other words of similar import refer to this Agreement as a whole and not to any
particular Section or other subdivision.

          2. Registration Under the Securities Act.

     (a) Except as set forth in Section 2(b) below, the Company and the Guarantors agree to use
commercially reasonable efforts to file under the Securities Act, within 210 days after the
Closing Date, a registration statement relating to an offer to exchange (such registration
statement, the “Exchange Registration Statement”, and such offer, the “Exchange Offer’) any and
all of the Securities for a like aggregate principal amount of debt securities issued by the
Company and guaranteed by the Guarantors, which debt securities and guarantees are
substantially identical to the Securities and the related Guarantees, respectively (and are
entitled to the benefits of the Indenture), except that they have been registered pursuant to
an effective registration statement under the Securities Act and do not contain provisions for
Special Interest contemplated in Section 2(c) below (such new debt securities hereinafter
called “Exchange Securities’). The Company and the Guarantors agree to use commercially
reasonable efforts to cause the Exchange Registration Statement to become effective under the
Securities Act no later than 270 days after the Closing Date. The Exchange Offer will be
registered under the Securities Act on the appropriate form and will comply with all applicable
tender offer rules and regulations under the Exchange Act. Unless the Exchange Offer would not
be permitted by applicable law or Commission policy, the Company further agrees to use
commercially reasonable efforts to (i) commence the Exchange Offer promptly (but no later than
10 Business Days) following the Effective Time of such Exchange Registration Statement, (ii)
hold the Exchange Offer open for at least 20 Business Days in accordance with Regulation 14E
promulgated by the Commission under the Exchange Act and (iii) exchange Exchange Securities for
all Registrable Securities that have been properly tendered and not withdrawn promptly
following the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been
“completed” only (i) if the debt securities and related guarantees received by holders other
than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt,
transferable by each such holder without restriction under the Securities Act and the Exchange
Act and (ii) upon the Company having exchanged, pursuant to the Exchange Offer, Exchange
Securities for all Registrable Securities that have been properly tendered and not withdrawn
before the expiration of the Exchange Offer, which shall be on a date that is at least 20 and
not more than 30 Business Days following the commencement of the Exchange Offer. The Company

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and the Guarantors agree, that upon request, they will (x) include in the Exchange
Registration Statement a prospectus for use in any resales by any holder of Exchange Securities
that is a broker-dealer and (y) keep such Exchange Registration Statement effective for a period
(the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and
ending upon the earlier of the expiration of the 180th day after the Exchange Offer has
been completed or such time as such broker-dealers no longer own any Registrable Securities. With
respect to such Exchange Registration Statement, such holders shall have the benefit of the rights
of indemnification and contribution set forth in Subsections 6(a), (c), (d) and (e).

     (b) If (i) on or prior to the time the Exchange Offer is completed existing law or Commission
interpretations are changed such that the debt securities or the related guarantees received by
holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or
would not be, upon receipt, transferable by each such holder without restriction under the
Securities Act, (ii) the Effective Time of the Exchange Registration Statement is not within 270
days following the Closing Date and the Exchange Offer has not been completed within 30 Business
Days of such Effective Time or (iii) any holder of Registrable Securities notifies the Company
prior to the 20th Business Day following the completion of the Exchange Offer that: (A)
it is prohibited by law or Commission policy from participating in the Exchange Offer, (B) it may
not resell the Exchange Securities to the public without delivering a prospectus and the prospectus
supplement contained in the Exchange Registration Statement is not appropriate or available for
such resales or (C) it is a broker-dealer and owns Securities acquired directly from the Company or
an affiliate of the Company, then the Company and the Guarantors shall, in lieu of (or, in the case
of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file
under the Securities Act no later than 30 days after the time such obligation to file arises (but
no earlier than 210 days after the Closing Date), a “shelf’ registration statement providing for
the registration of, and the sale on a continuous or delayed basis by the holders of, all of the
Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the
Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf
Registration Statement’). The Company and the Guarantors agree to use commercially reasonable
efforts to cause the Shelf Registration Statement to become or be declared effective no later than
90 days after such Shelf Registration Statement filing obligation arises (but no earlier than 270
days after the Closing Date); provided, that if at any time the Company is or becomes a “well-known
seasoned issuer” (as defined in Rule 405) and is eligible to file an “automatic shelf registration
statement” (as defined in Rule 405), then the Company and the Guarantors shall file the Shelf
Registration Statement in the form of an automatic shelf registration statement as provided in Rule
405. The Company and the Guarantors agree to use commercially reasonable efforts to keep such Shelf
Registration Statement continuously effective for a period ending on the earlier of the second
anniversary of the Effective Time or such time as there are no longer any Registrable Securities
outstanding. No holder shall be entitled to be named as a selling securityholder in the Shelf
Registration Statement or to use the prospectus forming a part thereof for resales of Registrable
Securities unless such holder is an Electing Holder. The Company and the Guarantors agree, after
the Effective Time of the Shelf Registration Statement and promptly upon the request of any holder
of Registrable Securities that is not then an Electing Holder, to use commercially reasonable
efforts to enable such holder to use the prospectus forming a part thereof for resales of
Registrable Securities, including, without limitation, any action necessary to identify such holder
as a selling securityholder in the Shelf Registration Statement (whether by post-
effective amendment thereto or by filing a prospectus pursuant to Rules 430B and 424(b) under
the

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Securities Act identifying such holder), provided, however, that nothing in this sentence
shall relieve any such holder of the obligation to return a completed and signed Notice and
Questionnaire to the Company in accordance with Section 3(d)(iii). Notwithstanding anything to
the contrary in this Section 2(b), upon notice to the Electing Holders, the Company may suspend
the use or the effectiveness of such Shelf Registration Statement which shall not exceed 45 days
in any three-month period or 90 days in any twelve-month period (a “Suspension Period’) if the
Board of Directors of the Company determines that there is a valid business purpose for
suspension of the Shelf Registration Statement; provided that the Company shall promptly notify
the Electing Holders when the Shelf Registration Statement may once again be used or is
effective.

     (c) In the event that (i) the Company and the Guarantors have not filed the Shelf
Registration Statement on or before the date on which such Shelf Registration Statement is
required to be filed pursuant to Section 2(b), or (ii) the Exchange Registration Statement or
Shelf Registration Statement has not become effective or been declared effective by the
Commission on or before the date on which such registration statement is required to become or
be declared effective pursuant to Section 2(a) or Section 2(b), respectively, or (iii) the
Exchange Offer has not been completed within 30 Business Days after the Effective Time of the
Exchange Registration Statement relating to the Exchange Offer (if the Exchange Offer is then
required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement
required by Section 2(a) or Section 2(b) is filed and declared effective but shall thereafter
either be withdrawn by the Company or shall become subject to an effective stop order issued
pursuant to Section 8(d) of the Securities Act suspending the effectiveness of such registration
statement (except as specifically permitted herein, including, with respect to any Shelf
Registration Statement, during any applicable Suspension Period in accordance with the last
sentence of Section 2(b)) without being succeeded immediately by an additional registration
statement filed and declared effective (each such event referred to in clauses (i) through (iv),
a “Registration Default” and each period during which a Registration Default has occurred and is
continuing, a “Registration Default Period’), then, as liquidated damages for such Registration
Default, subject to the provisions of Section 9(b), special interest (“Special Interest’), in
addition to the Base Interest, shall accrue on all Registrable Securities then outstanding at a
per annum rate of 0.25% for the first 90 days of the Registration Default Period and at a per
annum rate of 0.50% thereafter for the remaining portion of the Registration Default Period.

     (d) Any reference herein to a registration statement or prospectus as of any time shall be
deemed to include any document incorporated, or deemed to be incorporated, therein by reference
as of such time; and any reference herein to any post-effective amendment to a registration
statement or to any prospectus supplement as of any time shall be deemed to include any
document incorporated, or deemed to be incorporated, therein by reference as of such time.

          3. Registration Procedures.

          If the Company and the Guarantors file a registration statement pursuant to Section 2(a) or
Section 2(b), the following provisions shall apply:

     (a) At or before the Effective Time of the Exchange Registration or any Shelf
Registration, whichever may occur first, the Company shall qualify the Indenture under the
Trust Indenture Act.

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     (b) In the event that such qualification would require the appointment of a new trustee under
the Indenture, the Company shall appoint a new trustee thereunder pursuant to the applicable
provisions of the Indenture.

     (c) In connection with the Company’s and the Guarantors’ obligations with respect to the
registration of Exchange Securities as contemplated by Section 2(a) (the “Exchange Registration’),
if applicable, the Company and the Guarantors shall:

     (i) use commercially reasonable efforts to prepare and file with the Commission an
Exchange Registration Statement on any form which may be utilized by the Company and the
Guarantors and which shall permit the Exchange Offer and resales of Exchange Securities by
broker-dealers during the Resale Period to be effected as contemplated by Section 2(a), and
use commercially reasonable efforts to cause such Exchange Registration Statement to become
effective no later than 270 days after the Closing Date;

     (ii) as soon as practicable prepare and file with the Commission such amendments and
supplements to such Exchange Registration Statement and the prospectus included therein as
may be necessary to effect and maintain the effectiveness of such Exchange Registration
Statement for the periods and purposes contemplated in Section 2(a) and as may be required
by the applicable rules and regulations of the Commission and the instructions applicable
to the form of such Exchange Registration Statement, and promptly provide each
broker-dealer holding Exchange Securities with such number of copies of the prospectus
included therein (as then amended or supplemented), in conformity in all material respects
with the requirements of the Securities Act and the Trust Indenture Act, as such
broker-dealer reasonably may request prior to the expiration of the Resale Period, for use
in connection with resales of Exchange Securities;

     (iii) promptly notify each broker-dealer that has requested or received copies of the
prospectus included in such Exchange Registration Statement, and confirm such advice in
writing, (A) when such Exchange Registration Statement or the prospectus included therein
or any prospectus amendment or supplement or post-effective amendment has been filed, and,
with respect to such Exchange Registration Statement or any post-effective amendment, when
the same has become effective, (8) of any comments by the Commission and by the blue sky or
securities commissioner or regulator of any state with respect thereto or any request by
the Commission for amendments or supplements to such Exchange Registration Statement or
prospectus or for additional information, (C) of the issuance by the Commission of any stop
order suspending the effectiveness of such Exchange Registration Statement or the
initiation or threatening of any proceedings for that purpose, (0) if at any time the
representations and warranties of the Company or any of the Guarantors contemplated by
Section 5 cease to be true and correct in all material respects, (E) of the receipt by the
Company of any notification with respect to the suspension of the qualification of the
Exchange Securities for sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose, (F) the occurrence of any event that causes the Company to
become an “ineligible issuer” as defined in Rule 405, or (G) if at any time during the
Resale Period when a prospectus is required to be delivered under the Securities Act, that
such Exchange Registration Statement, prospectus, prospectus amendment or supplement or
post-effective amendment does not conform in all material respects to the applicable

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requirements of the Securities Act and the Trust Indenture Act or contains an untrue
statement of a material fact or omits to state any material fact required to be stated
therein or necessary to make the statements therein not misleading in light of the
circumstances then existing;

     (iv) in the event that the Company and the Guarantors would be required, pursuant to
Section 3(c)(iii)(G), to notify any broker-dealers holding Exchange Securities (except as
otherwise permitted during any Suspension Period), promptly prepare and furnish to each
such holder a reasonable number of copies of a prospectus supplemented or amended so that,
as thereafter delivered to purchasers of such Exchange Securities during the Resale Period,
such prospectus shall conform in all material respects to the applicable requirements of
the Securities Act and the Trust Indenture Act and shall not contain an untrue statement of
a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading in light of the circumstances then existing;

     (v) use all commercially reasonable efforts to obtain the withdrawal of any order
suspending the effectiveness of such Exchange Registration Statement or any post-effective
amendment thereto at the earliest practicable date;

     (vi) use commercially reasonable efforts to (A) register or qualify the Exchange
Securities under the securities laws or blue sky laws of such jurisdictions as are
contemplated by Section 2(a) no later than the commencement of the Exchange Offer, to the
extent required by such laws, (B) keep such registrations or qualifications in effect and
comply with such laws so as to permit the continuance of offers, sales and dealings therein
in such jurisdictions until the expiration of the Resale Period, (C) take any and all other
actions as may be reasonably necessary or advisable to enable each broker-dealer holding
Exchange Securities to consummate the disposition thereof in such jurisdictions and (0)
obtain the consent or approval of each governmental agency or authority, whether federal,
state or local, which may be required to effect the Exchange Registration, the Exchange
Offer and the offering and sale of Exchange Securities by broker-dealers during the Resale
Period; provided, however, that neither the Company nor the Guarantors shall be
required for any such purpose to (1) qualify as a foreign corporation in any jurisdiction
wherein it would not otherwise be required to qualify but for the requirements of this
Section 3(c)(vi), (2) consent to general service of process in any such jurisdiction or
become subject to taxation in any such jurisdiction or (3) make any changes to its
certificate of incorporation or by-laws or other governing documents or any agreement
between it and its stockholders;

     (vii) obtain a CUSIP number for all Exchange Securities, not later than the applicable
Effective Time; and

     (viii) make generally available to its securityholders no later than eighteen months
after the Effective Time of such Exchange Registration Statement, an “earning statement” of
the Company, the Guarantors and their respective subsidiaries complying with Section 11 (a)
of the Securities Act (including, at the option of the Company, Rule 158 thereunder).

     (d) In connection with the Company’s and the Guarantors’ obligations with respect to the Shelf
Registration, if applicable, the Company and the Guarantors shall:

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     (i) prepare and file with the Commission, within the time periods specified in
Section 2(b), a Shelf Registration Statement on any form which may be utilized by the Company
and which shall register all of the Registrable Securities for resale by the holders thereof
in accordance with such method or methods of disposition as may be specified by the holders of
Registrable Securities as, from time to time, may be Electing Holders and use commercially
reasonable efforts to cause such Shelf Registration Statement to become effective within the
time periods specified in Section 2(b);

     (ii) mail the Notice and Questionnaire to the holders of Registrable
Securities (A) not less than 30 days prior to the anticipated Effective Time of the Shelf
Registration Statement or (8) in the case of an “automatic shelf registration statement” (as
defined in Rule 405), mail the Notice and Questionnaire to the holders of Registrable
Securities not later than the Effective Time of such Shelf Registration Statement, and in any
such case no holder shall be entitled to be named as a selling securityholder in the Shelf
Registration Statement, and no holder shall be entitled to use the prospectus forming a part
thereof for resales of Registrable Securities at any time, unless and until such holder has
returned a completed and signed Notice and Questionnaire to the Company;

     (iii) after the Effective Time of the Shelf Registration Statement, upon the request of
any holder of Registrable Securities that is not then an Electing Holder, promptly send a
Notice and Questionnaire to such holder; provided that the Company shall not be required to
take any action to name such holder as a selling securityholder in the Shelf Registration
Statement or to enable such holder to use the prospectus forming a part thereof for resales of
Registrable Securities until such holder has returned a completed and signed Notice and
Questionnaire to the Company;

     (iv) as soon as practicable prepare and file with the Commission such amendments and
supplements to such Shelf Registration Statement and the prospectus included therein as may be
necessary to effect and maintain the effectiveness of such Shelf Registration Statement for
the period specified in Section 2(b) and as may be required by the applicable rules and
regulations of the Commission and the instructions applicable to the form of such Shelf
Registration Statement, and furnish to the Electing Holders copies of any such supplement or
amendment simultaneously with or prior to its being used or filed with the Commission to the
extent such documents are not publicly available on the Commission’s IDEA System;

     (v) comply with the provisions of the Securities Act with respect to the disposition of
all of the Registrable Securities covered by such Shelf Registration Statement in accordance
with the intended methods of disposition by the Electing Holders provided for in such Shelf
Registration Statement;

     (vi) provide the Electing Holders and not more than one counsel for all the Electing
Holders the opportunity to participate in the preparation of such Shelf Registration
Statement, each prospectus included therein or filed with the Commission and each amendment or
supplement thereto;

     (vii) for a reasonable period prior to the filing of such Shelf Registration Statement,
and throughout the period specified in Section 2(b), make available at

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reasonable times at the Company’s principal place of business or such other
reasonable place for inspection by the persons referred to in Section 3(d)(vi) who shall
certify to the Company that they have a current intention to sell the Registrable Securities
pursuant to the Shelf Registration such financial and other information and books and records
of the Company and the Guarantors, and cause the officers, employees, counsel and independent
certified public accountants of the Company and the Guarantors to respond to such inquiries,
as shall be reasonably necessary (and in the case of counsel, not violate an attorney-client
privilege, in such counsel’s reasonable belief), in the judgment of the respective counsel
referred to in Section 3(d)(vi), to conduct a reasonable investigation within the meaning of
Section 11 of the Securities Act; provided, however, that the foregoing inspection
and information gathering on behalf of the Electing Holders shall be conducted by one counsel
designated by the holders of at least a majority in aggregate principal amount of the
Registrable Securities held by the Electing Holders at the time outstanding and
provided further that each such party shall be required to maintain in confidence
and not to disclose to any other person any information or records reasonably designated by
the Company or the Guarantors as being confidential, until such time as (A) such information
becomes a matter of public record (whether by virtue of its inclusion in such Shelf
Registration Statement or otherwise), or (B) such person shall be required so to disclose such
information pursuant to a subpoena or order of any court or other governmental agency or body
having jurisdiction over the matter (subject to the requirements of such order, and only after
such person shall have given the Company prompt prior written notice of such requirement), or
(C) such information is required to be set forth in such Shelf Registration Statement or the
prospectus included therein or in an amendment to such Shelf Registration Statement or an
amendment or supplement to such prospectus in order that such Shelf Registration Statement,
prospectus, amendment or supplement, as the case may be, complies with applicable requirements
of the federal securities laws and the rules and regulations of the Commission and does not
contain an untrue statement of a material fact or omit to state therein a material fact
required to be stated therein or necessary to make the statements therein not misleading in
light of the circumstances then existing;

     (viii) promptly notify each of the Electing Holders and confirm such advice in writing,
(A) when such Shelf Registration Statement or the prospectus included therein or any prospectus
amendment or supplement or post-effective amendment has been filed, and, with respect to such
Shelf Registration Statement or any post-effective amendment, when the same has become
effective, (B) of any comments by the Commission and by the blue sky or securities commissioner
or regulator of any state with respect thereto or any request by the Commission for amendments
or supplements to such Shelf Registration Statement or prospectus or for additional
information, (C) of the issuance by the Commission of any stop order suspending the
effectiveness of such Shelf Registration Statement or the initiation or threatening of any
proceedings for that purpose, (D) if at any time the representations and warranties of the
Company or any of the Guarantors set forth in Section 5 cease to be true and correct in all
material respects, (E) of the receipt by the Company of any notification with respect to the
suspension of the qualification of the Registrable Securities for sale in any jurisdiction or
the initiation or threatening of any proceeding for such purpose, (F) the occurrence of any
event that causes the Company or any of the Guarantors to become an “ineligible issuer” as
defined in Rule 405, or (G) if at any time when a prospectus is required to be delivered under

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the Securities Act, that such Shelf Registration Statement, prospectus, prospectus
amendment or supplement or post-effective amendment does not conform in all material respects
to the applicable requirements of the Securities Act and the Trust Indenture Act or contains
an untrue statement of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein not misleading in light of the
circumstances then existing;

     (ix) use commercially reasonable efforts to obtain the withdrawal of any order suspending
the effectiveness of such Shelf Registration Statement or any post-effective amendment thereto
at the earliest practicable date;

     (x) if requested by any Electing Holder, promptly incorporate in a prospectus supplement
or post-effective amendment such information as is required by the applicable rules and
regulations of the Commission and as such Electing Holder specifies should be included therein
relating to the terms of the sale of such Registrable Securities, including information with
respect to the principal amount of Registrable Securities being sold by such Electing Holder,
the name and description of such Electing Holder, the offering price of such Registrable
Securities and any discount, commission or other compensation payable in respect thereof and
with respect to any other terms of the offering of the Registrable Securities to be sold by
such Electing Holder; and make all required filings of such prospectus supplement or
post-effective amendment promptly after notification of the matters to be incorporated in such
prospectus supplement or post-effective amendment;

     (xi) furnish to each Electing Holder and the counsel referred to in Section 3(d)(vi) an
executed copy (or a conformed copy) of such Shelf Registration Statement, each such amendment
and supplement thereto (in each case including all exhibits thereto (in the case of an
Electing Holder of Registrable Securities, upon request) and documents incorporated by
reference therein) and such number of copies of such Shelf Registration Statement (excluding
exhibits thereto and documents incorporated by reference therein unless specifically so
requested by such Electing Holder) and of the prospectus included in such Shelf Registration
Statement (including each preliminary prospectus and any summary prospectus), in conformity in
all material respects with the applicable requirements of the Securities Act and the Trust
Indenture Act to the extent such documents are not available through the Commission’s IDEA
System, and such other documents, as such Electing Holder may reasonably request in order to
facilitate the offering and disposition of the Registrable Securities owned by such Electing
Holder and to permit such Electing Holder to satisfy the prospectus delivery requirements of
the Securities Act; and subject to Section 3(e), the Company hereby consents to the use of
such prospectus (including such preliminary and summary prospectus) and any amendment or
supplement thereto by each such Electing Holder (subject to any applicable Suspension Period),
in each case in the form most recently provided to such person by the Company, in connection
with the offering and sale of the Registrable Securities covered by the prospectus (including
such preliminary and summary prospectus) or any supplement or amendment thereto;

     (xii) use commercially reasonable efforts to (A) register or qualify the Registrable
Securities to be included in such Shelf Registration Statement under such securities laws or
blue sky laws of such jurisdictions as any Electing Holder shall reasonably request, (8) keep
such registrations or qualifications in effect and

11

 

comply with such laws so as to permit the continuance of offers, sales and dealings
therein in such jurisdictions during the period the Shelf Registration Statement is
required to remain effective under Section 2(b) and for so long as may be necessary to
enable any such Electing Holder to complete its distribution of Registrable Securities
pursuant to such Shelf Registration Statement, (C) take any and all other actions as may be
reasonably necessary or advisable to enable each such Electing Holder to consummate the
disposition in such jurisdictions of such Registrable Securities and (D) obtain the consent
or approval of each governmental agency or authority, whether federal, state or local,
which may be required to effect the Shelf Registration or the offering or sale in
connection therewith or to enable the selling holder or holders to offer, or to consummate
the disposition of, their Registrable Securities; provided, however, that
neither the Company nor the Guarantors shall be required for any such purpose to (1)
qualify as a foreign corporation in any jurisdiction wherein it would not otherwise be
required to qualify but for the requirements of this Section 3(d)(xii), (2) consent to
general service of process in any such jurisdiction or become subject to taxation in any
such jurisdiction or (3) make any changes to its certificate of incorporation or by-laws or
other governing documents or any agreement between it and its stockholders;

     (xiii) unless any Registrable Securities shall be in book-entry only form, cooperate
with the Electing Holders to facilitate the timely preparation and delivery of certificates
representing Registrable Securities to be sold, which certificates, if so required by any
securities exchange upon which any Registrable Securities are listed, shall be printed,
penned, lithographed, engraved or otherwise produced by any combination of such methods, on
steel engraved borders, and which certificates shall not bear any restrictive legends;

     (xiv) obtain a CUSIP number for all Securities that have been registered under the
Securities Act, not later than the applicable Effective Time;

     (xv) notify in writing each holder of Registrable Securities of any proposal by the
Company to amend or waive any provision of this Agreement pursuant to Section 9(h) and of
any amendment or waiver effected pursuant thereto, each of which notices shall contain the
text of the amendment or waiver proposed or effected, as the case may be; and

     (xvi) make generally available to its securityholders no later than eighteen months
after the Effective Time of such Shelf Registration Statement an “earning statement” of the
Company and its subsidiaries complying with Section 11(a) of the Securities Act (inclUding,
at the option of the Company, Rule 158 thereunder).

     (e) In the event that the Company would be required, pursuant to Section 3(d)(viii)(G), to
notify the Electing Holders, the Company shall promptly prepare and furnish to each of the Electing
Holders a reasonable number of copies of a prospectus supplemented or amended so that, as
thereafter delivered to purchasers of Registrable Securities, such prospectus shall conform in all
material respects to the applicable requirements of the Securities Act and the Trust Indenture Act
and shall not contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading in light
of the circumstances then existing. Each Electing Holder agrees that upon receipt of any notice
from the Company pursuant to Section 3(d)(viii)(G), such Electing Holder shall forthwith
discontinue the disposition of

12

 

Registrable Securities pursuant to the Shelf Registration Statement applicable to such
Registrable Securities until such Electing Holder shall have received copies of such amended or
supplemented prospectus, and if so directed by the Company, such Electing Holder shall deliver to
the Company (at the Company’s expense) all copies, other than permanent file copies, of the
prospectus covering such Registrable Securities in such Electing Holder’s possession at the time of
receipt of such notice.

     (f) In the event of a Shelf Registration, in addition to the information required to be
provided by each Electing Holder in its Notice and Questionnaire, the Company may require such
Electing Holder to furnish to the Company such additional information regarding such Electing
Holder and such Electing Holder’s intended method of distribution of Registrable Securities as may
be required in order to comply with the Securities Act. Each such Electing Holder agrees to notify
the Company as promptly as practicable of any inaccuracy or change in information previously
furnished by such Electing Holder to the Company or of the occurrence of any event in either case
as a result of which any prospectus relating to such Shelf Registration contains or would contain
an untrue statement of a material fact regarding such Electing Holder or such Electing Holder’s
intended method of disposition of such Registrable Securities or omits to state any material fact
regarding such Electing Holder or such Electing Holder’s intended method of disposition of such
Registrable Securities required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances then existing, and promptly to furnish to the Company
any additional information required to correct and update any previously furnished information or
required so that such prospectus shall not contain, with respect to such Electing Holder or the
disposition of such Registrable Securities, an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing.

     (g) Until the expiration of one year after the Closing Date, the Company will not, and will
not permit any of its “affiliates” (as defined in Rule 144) to, resell any of the Securities that
have been reacquired by any of them except pursuant to an effective registration statement, or a
valid exemption from the registration requirements, under the Securities Act.

     (h) As a condition to its participation in the Exchange Offer, each holder of Registrable
Securities shall furnish, upon the request of the Company, a written representation to the Company
(which may be contained in the letter of transmittal or “agent’s message” transmitted via The
Depository Trust Company’s Automated Tender Offer Procedures, in either case contemplated by the
Exchange Registration Statement) to the effect that (A) it is not an “affiliate” of the Company, as
defined in Rule 405 of the Securities Act, or if it is such an “affiliate”, it will comply with the
registration and prospectus delivery requirements of the Securities Act to the extent applicable,
(8) it is not engaged in and does not intend to engage in, and has no arrangement or understanding
with any person to participate in, a distribution of the Exchange Securities to be issued in the
Exchange Offer, (C) it is acquiring the Exchange Securities in its ordinary course of business, (D)
if it is a broker-dealer that holds Securities that were acquired for its own account as a result
of market-making activities or other trading activities (other than Securities acquired directly
from the Company or any of its affiliates), it will deliver a prospectus meeting the requirements
of the Securities Act in connection with any resales of the Exchange Securities received by it in
the Exchange Offer, (E) if it is a broker-dealer, that it did not purchase the Securities to be
exchanged in the Exchange Offer from the Company or any of its affiliates, and (F) it is not acting
on behalf of any person who could not truthfully and completely make the representations contained
in the foregoing subclauses (A) through (E).

13

 

     4. Registration Expenses.

          The Company and the Guarantors agree to bear and to payor cause to be paid promptly all
expenses incident to the Company’s performance of or compliance with this Agreement, including (a)
all Commission and any FINRA registration, filing and review fees and expenses including reasonable
fees and disbursements of counsel for the Eligible Holders in connection with such registration,
filing and review, (b) all fees and expenses in connection with the qualification of the
Registrable Securities and the Exchange Securities, as applicable, for offering and sale under the
State securities and blue sky laws referred to in Section 3(d)(xii) and determination of their
eligibility for investment under the laws of such jurisdictions as the Electing Holders may
designate, including any reasonable fees and disbursements of counsel for the Electing Holders in
connection with such qualification and determination, (c) all expenses relating to the preparation,
printing, production, distribution and reproduction of each registration statement required to be
filed hereunder, each prospectus included therein or prepared for distribution pursuant hereto,
each amendment or supplement to the foregoing, the expenses of preparing the Securities or Exchange
Securities, as applicable, for delivery and the expenses of printing or producing any selling
agreements and blue sky or legal investment memoranda and all other documents in connection with
the offering, sale or delivery of Securities or Exchange Securities, as applicable, to be disposed
of (including certificates representing the Securities or Exchange Securities, as applicable), (d)
messenger, telephone and delivery expenses relating to the offering, sale or delivery of Securities
or Exchange Securities, as applicable, and the preparation of documents referred in clause (c)
above, (e) fees and expenses of the Trustee under the Indenture, any agent of the Trustee and any
counsel for the Trustee and of any collateral agent or custodian, (f) internal expenses (including
all salaries and expenses of the Company’s officers and employees performing legal or accounting
duties), (g) fees, disbursements and expenses of counsel and independent certified public
accountants of the Company, (h) reasonable fees, disbursements and expenses of one counsel for the
Electing Holders retained in connection with a Shelf Registration, as selected by the Electing
Holders of at least a majority in aggregate principal amount of the Registrable Securities held by
Electing Holders (which counsel shall be reasonably satisfactory to the Company), (i) any fees
charged by securities rating services for rating the Registrable Securities or the Exchange
Securities, as applicable, and 0) fees, expenses and disbursements of any other persons, including
special experts, retained by the Company in connection with such registration (collectively, the
“Registration Expenses’). To the extent that any Registration Expenses are incurred, assumed or
paid by any holder of Registrable Securities, Securities or Exchange Securities, as applicable, the
Company shall reimburse such person for the full amount of the Registration Expenses so incurred,
assumed or paid promptly after receipt of a request therefor. Notwithstanding the foregoing, the
holders of the Registrable Securities being registered shall pay all agency fees and commissions
and underwriting discounts and commissions, if any, and transfer taxes, if any, attributable to the
sale of such Registrable Securities and Exchange Securities, as applicable, and the fees and
disbursements of any counselor other advisors or experts retained by such holders (severally or
jointly), other than the counsel and experts specifically referred to above.

     5. Representations and Warranties.

          Each of the Company and the Guarantors, jointly and severally, represents and warrants to, and
agrees with, each Purchaser and each of the holders from time to time of Registrable Securities
that:

14

 

     (a) Each registration statement covering Registrable Securities, Securities or Exchange
Securities, as applicable, and each prospectus (including any preliminary or summary prospectus)
contained therein or furnished pursuant to Section 3(c) or Section 3(d) and any further amendments
or supplements to any such registration statement or prospectus, when it becomes effective or is
filed with the Commission, as the case may be, will conform in all material respects to the
requirements of the Securities Act and the Trust Indenture Act and will not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading; and at all times subsequent to the
Effective Time when a prospectus would be required to be delivered under the Securities Act, other
than (A) from (i) such time as a notice has been given to holders of Registrable Securities
pursuant to Section 3(c)(iii)(G) or Section 3(d)(viii)(G) until (ii) such time as the Company
furnishes an amended or supplemented prospectus pursuant to Section 3(c)(iv) or Section 3(e) or (8)
during any applicable Suspension Period, each such registration statement, and each prospectus
(including any summary prospectus) contained therein or furnished pursuant to Section 3(c) or
Section 3(d), as then amended or supplemented, will conform in all material respects to the
requirements of the Securities Act and the Trust Indenture Act and will not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading in the light of the circumstances then
existing; provided, however, that this representation and warranty shall not apply to
any statements or omissions made in reliance upon and in conformity with information furnished in
writing to the Company by a holder of Registrable Securities expressly for use therein.

     (b) Any documents incorporated by reference in any prospectus referred to in Section 5(a),
when they become or became effective or are or were filed with the Commission, as the case may be,
will conform or conformed in all material respects to the requirements of the Securities Act or the
Exchange Act, as applicable, and none of such documents will contain or contained an untrue
statement of a material fact or will omit or omitted to state a material fact required to be stated
therein or necessary to make the statements therein not misleading; provided, however,
that this representation and warranty shall not apply to any statements or omissions made in
reliance upon and in conformity with information furnished in writing to the Company by a holder of
Registrable Securities expressly for use therein.

     (c) The compliance by the Company and the Guarantors with all of the provisions of this
Agreement and the consummation of the transactions herein contemplated will not (i) conflict with
or result in a breach or violation of any of the terms or provisions of, or constitute a default
under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to
which the Company, the Guarantors or any of their respective subsidiaries is a party or by which
the Company, the Guarantors or any of their respective subsidiaries is bound or to which any of the
property or assets of the Company, the Guarantors or any of their respective subsidiaries is
subject, (ii) result in any violation of the provisions of the certificate of incorporation, as
amended, or the by-laws or other governing documents, as applicable, of the Company or the
Guarantors or (iii) result in any violation of any statute or any order, rule or regulation of any
court or governmental agency or body having jurisdiction over the Company, the Guarantors or any of
their respective subsidiaries or any of their respective properties; and no consent, approval,
authorization, order, registration or qualification of or with any such court or governmental
agency or body is required for the consummation by the Company and the Guarantors of the
transactions contemplated by this Agreement, except (x) the
registration under the Securities Act of the Registrable Securities and the Exchange
Securities, as applicable, and qualification of the

15

 

Indenture under the Trust Indenture Act, (y) such consents, approvals, authorizations,
registrations or qualifications as may be required under state securities or blue sky laws in
connection with the offering and distribution of the Registrable Securities and the Exchange
Securities, as applicable, and (z) such consents, approvals, authorizations, registrations or
qualifications that have been obtained and are in full force and effect as of the date hereof.

     (d) This Agreement has been dUly authorized, executed and delivered by the Company and by the
Guarantors.

     6. Indemnification and Contribution.

     (a) Indemnification by the Company and the Guarantors. The Company and the Guarantors, jointly
and severally, will indemnify and hold harmless each of the holders of Registrable Securities
included in an Exchange Registration Statement and each of the Electing Holders as holders of
Registrable Securities included in a Shelf Registration Statement against any losses, claims,
damages or liabilities, joint or several, to which such holder or such Electing Holder may become
subject under the Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or
alleged untrue statement of a material fact contained in any Exchange Registration Statement or any
Shelf Registration Statement, as the case may be, under which such Registrable Securities or
Exchange Securities were registered under the Securities Act, or any preliminary, final or summary
prospectus (including, without limitation, any “issuer free writing prospectus” as defined in Rule
433) contained therein or furnished by the Company to any such holder or any such Electing Holder,
or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, and will reimburse each such holder and each such Electing
Holder for any and all legal or other expenses reasonably incurred by them in connection with
investigating or defending any such action or claim as such expenses are incurred; provided,
however, that neither the Company nor the Guarantors shall be liable to any such person in any such
case to the extent that any such loss, claim, damage or liability arises out of or is based upon an
untrue statement or alleged untrue statement or omission or alleged omission made in such
registration statement, or preliminary, final or summary prospectus (including, without limitation,
any “issuer free writing prospectus” as defined in Rule 433), or amendment or supplement thereto,
in reliance upon and in conformity with written information furnished to the Company by such person
expressly for use therein.

     (b) Indemnification by the Electing Holders. The Company may require, as a condition to
including any Registrable Securities in any Shelf Registration Statement filed pursuant to Section
2(b), that the Company shall have received an undertaking reasonably satisfactory to it from each
Electing Holder of Registrable Securities included in such Shelf Registration Statement, severally
and not jointly, to (i) indemnify and hold harmless the Company, the Guarantors and all other
Electing Holders of Registrable Securities included in such Shelf Registration Statement, against
any losses, claims, damages or liabilities to which the Company, the Guarantors or such other
Electing Holders may become subject, under the Securities Act or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an
untrue statement or alleged untrue statement of a material fact contained in such registration
statement, or any preliminary, final or summary prospectus (including, without limitation, any
“issuer free writing prospectus” as defined in Rule 433) contained therein or furnished by the
Company to any Electing Holder,

16

 

or any amendment or supplement thereto, or arise out of or are based upon the omission
or alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, in each case to the extent, but only to the extent,
that such untrue statement or alleged untrue statement or omission or alleged omission was made in
reliance upon and in conformity with written information furnished to the Company by such Electing
Holder expressly for use therein, and (ii) reimburse the Company and the Guarantors for any legal
or other expenses reasonably incurred by the Company and the Guarantors in connection with
investigating or defending any such action or claim as such expenses are incurred; provided,
however, that no such Electing Holder shall be required to undertake liability to any person
under this Section 6(b) for any amounts in excess of the dollar amount of the proceeds to be
received by such Electing Holder from the sale of such Electing Holder’s Registrable Securities
pursuant to such registration.

     (c) Notices of Claims, Etc. Promptly after receipt by an indemnified
party under subsection (a) or (b) above of written notice of the commencement of any action, such
indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party
pursuant to the indemnification provisions of or contemplated by this Section 6, notify such
indemnifying party in writing of the commencement of such action; but the omission so to notify the
indemnifying party shall not relieve it from any liability which it may have to any indemnified
party otherwise than under the indemnification provisions of or contemplated by Section 6(a) or
Section 6(b). In case any such action shall be brought against any indemnified party and it shall
notify an indemnifying party of the commencement thereof, such indemnifying party shall be entitled
to participate therein and, to the extent that it shall wish, jointly with any other indemnifying
party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to
such indemnified party (who shall not, except with the consent of the indemnified party, be counsel
to the indemnifying party), and, after notice from the indemnifying party to such indemnified party
of its election so to assume the defense thereof, such indemnifying party shall not be liable to
such indemnified party for any legal expenses of other counselor any other expenses, in each case
subsequently incurred by such indemnified party, in connection with the defense thereof other than
reasonable costs of investigation. No indemnifying party shall, without the prior written consent
of the indemnified party, effect the settlement or compromise of, or consent to the entry of any
judgment with respect to, any pending or threatened action or claim in respect of which
indemnification or contribution may be sought hereunder (whether or not the indemnified party is an
actual or potential party to such action or claim) unless such settlement, compromise or judgment
(i) includes an unconditional release of the indemnified party from all liability arising out of
such action or claim and (ii) does not include a statement as to, or an admission of, fault,
culpability or a failure to act by or on behalf of any indemnified party.

     (d) Contribution. If for any reason the indemnification provisions contemplated by
Section 6(a) or Section 6(b) are unavailable to or insufficient to hold harmless an indemnified
party in respect of any losses, claims, damages or liabilities (or actions in respect thereof)
referred to therein, then each indemnifying party shall contribute to the amount paid or payable by
such indemnified party as a result of such losses, claims, damages or liabilities (or actions in
respect thereof) in such proportion as is appropriate to reflect the relative fault of the
indemnifying party and the indemnified party in connection with the statements or omissions which
resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as
any other relevant equitable considerations. The relative fault of such indemnifying party and
indemnified party shall be determined by reference to, among other things, whether the untrue or
alleged untrue

17

 

statement of a material fact or omission or alleged omission to state a material fact
relates to information supplied by such indemnifying party or by such indemnified party, and
the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. The parties hereto agree that it would not be just and
equitable if contributions pursuant to this Section 6(d) were determined by pro rata allocation
(even if the holders were treated as one entity for such purpose) or by any other method of
allocation which does not take account of the equitable considerations referred to in this
Section 6(d). The amount paid or payable by an indemnified party as a result of the losses,
claims, damages, or liabilities (or actions in respect thereof) referred to above shall be
deemed to include any legal or other fees or expenses reasonably incurred by such indemnified
party in connection with investigating or defending any such action or claim. Notwithstanding
the provisions of this Section 6(d), no Electing Holder shall be required to contribute any
amount in excess of the amount by which the dollar amount of the proceeds received by such
holder from the sale of any Registrable Securities (after deducting any fees, discounts and
commissions applicable thereto) exceeds the amount of any damages which such holder has
otherwise been required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of
Section 11 (f) of the Securities Act) shall be entitled to contribution from any person who was
not guilty of such fraudulent misrepresentation. The holders’ obligations in this Section 6(d)
to contribute shall be several in proportion to the principal amount of Registrable Securities
registered by them and not joint.

     (e) The obligations of the Company and the Guarantors under this Section 6 shall be in
addition to any liability which the Company or the Guarantors may otherwise have and shall
extend, upon the same terms and conditions, to each officer, director and partner of each
holder, each Electing Holder, and each person, if any, who controls any of the foregoing within
the meaning of the Securities Act; and the obligations of the holders and the Electing Holders
contemplated by this Section 6 shall be in addition to any liability which the respective
holder or Electing Holder may otherwise have and shall extend, upon the same terms and
conditions, to each officer and director of the Company or the Guarantors and to each person,
if any, who controls the Company or any of the Guarantors within the meaning of the Securities
Act, as well as to each officer and director of the other holders and to each person, if any,
who controls such other holders within the meaning of the Securities Act.

     7. Underwritten Offerings.

               Each holder of Registrable Securities hereby agrees with the Company and each other such
holder that no holder of Registrable Securities may participate in any underwritten offering
hereunder unless (a) the Company gives its prior written consent to such underwritten offering, (b)
the managing underwriter or underwriters thereof shall be designated by Electing Holders holding at
least a majority in aggregate principal amount of the Registrable Securities to be included in such
offering, provided that such designated managing underwriter or underwriters is or are reasonably
acceptable to the Company, (c) each holder of Registrable Securities participating in such
underwritten offering agrees to sell such holder’s Registrable Securities on the basis provided in
any underwriting arrangements approved by the persons entitled selecting the managing underwriter
or underwriters hereunder and (d) each holder of Registrable Securities participating in such
underwritten offering completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents reasonably required under the terms of such
underwriting arrangements. The Company hereby agrees with each holder of Registrable Securities that, to the extent it consents to an
underwritten offering hereunder, it will negotiate in good faith and execute all indemnities,

18

 

underwriting agreements and other documents reasonably required under the terms of such
underwriting arrangements, including using commercially reasonable efforts to procure customary
legal opinions and auditor “comfort” letters.

     8. Rule 144.

     (a) Facilitation of Sales Pursuant to Rule 144. The Company and each of the Guarantors
covenant to the holders of Registrable Securities that to the extent it shall be required to do
so under the Exchange Act, the Company and the Guarantors shall timely file the reports
required to be filed by it under the Exchange Act or the Securities Act (including the reports
under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule
144), and shall take such further action as any holder of Registrable Securities may reasonably
request, all to the extent required from time to time to enable such holder to sell Registrable
Securities without registration under the Securities Act within the limitations of the
exemption provided by Rule 144. Upon the request of any holder of Registrable Securities in
connection with that holder’s sale pursuant to Rule 144, the Company and the Guarantors shall
deliver to such holder a written statement as to whether it has complied with such
requirements.

     (b) Availability of Rule 144 Not Excuse for Obligations under Section 2. The fact that
holders of Registrable Securities may become eligible to sell such Registrable Securities
pursuant to Rule 144 shall not (1) cause such Securities to cease to be Registrable Securities
or (2) excuse the Company’s and the Guarantors’ obligations set forth in Section 2 of this
Agreement, including without limitation the obligations in respect of an Exchange Offer, Shelf
Registration and Special Interest.

     9. Miscellaneous.

     (a) No Inconsistent Agreements. The Company and each of the Guarantors represents,
warrants, covenants and agrees that it has not granted, and shall not grant, registration
rights with respect to Registrable Securities, Exchange Securities or Securities, as
applicable, or any other securities which would be inconsistent with the terms contained in
this Agreement.

     (b) Specific Performance. The parties hereto acknowledge that there would be no adequate
remedy at law if the Company or the Guarantors fail to perform any of their obligations
hereunder and that the Purchasers and the holders from time to time of the Registrable
Securities may be irreparably harmed by any such failure, and accordingly agree that the
Purchasers and such holders, in addition to any other remedy to which they may be entitled at
law or in equity, shall be entitled to compel specific performance of the obligations of the
Company and the Guarantors under this Agreement in accordance with the terms and conditions of
this Agreement, in any court of the United States or any State thereof having jurisdiction.
Time shall be of the essence in this Agreement.

     (c) Notices. All notices, requests, claims, demands, waivers and other communications
hereunder shall be in writing and shall be deemed to have been duly given when delivered by
hand, if delivered personally, by facsimile or by courier, or three days after being deposited
in the mail (registered or certified mail, postage prepaid, return receipt requested) as
follows: If to the Company, to it at 200 East Basse Road, San Antonio, TX 78209, Attention:
General Counsel, and if to a holder, to the address of such holder set forth in the security
register or other records of the Company, or to such other address as the Company

19

 

or any such holder may have furnished to the other in writing in accordance herewith, except
that notices of change of address shall be effective only upon receipt.

     (d) Parties in Interest. All the terms and provisions of this Agreement shall be
binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto, the
holders from time to time of the Registrable Securities and the respective successors and assigns
of the foregoing. In the event that any transferee of any holder of Registrable Securities shall
acquire Registrable Securities, in any manner, whether by gift, bequest, purchase, operation of law
or otherwise, such transferee shall, without any further writing or action of any kind, be deemed a
beneficiary hereof for all purposes and such Registrable Securities shall be held subject to all of
the terms of this Agreement, and by taking and holding such Registrable Securities such transferee
shall be entitled to receive the benefits of, and be conclusively deemed to have agreed to be bound
by all of the applicable terms and provisions of this Agreement. If the Company shall so request,
any such successor, assign or transferee shall agree in writing to acquire and hold the Registrable
Securities subject to all of the applicable terms hereof.

     (e) Survival. The respective indemnities, agreements, representations, warranties
and each other provision set forth in this Agreement or made pursuant hereto shall remain in full
force and effect regardless of any investigation (or statement as to the results thereof) made by
or on behalf of any holder of Registrable Securities, any director, officer or partner of such
holder, or any controlling person of any of the foregoing, and shall survive delivery of and
payment for the Registrable Securities pursuant to the Purchase Agreement, the transfer and
registration of Registrable Securities by such holder and the consummation of an Exchange Offer.

     (f) Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York.

     (g) Headings. The descriptive headings of the several Sections and paragraphs of
this Agreement are inserted for convenience only, do not constitute a part of this Agreement and
shall not affect in any way the meaning or interpretation of this Agreement.

     (h) Entire Agreement; Amendments. This Agreement and the other writings referred
to herein (including the Indenture and the form of Securities) or delivered pursuant hereto which
form a part hereof contain the entire understanding of the parties with respect to its subject
matter. This Agreement supersedes all prior agreements and understandings between the parties with
respect to its subject matter. This Agreement may be amended and the observance of any term of this
Agreement may be waived (either generally or in a particular instance and either retroactively or
prospectively) only by a written instrument duly executed by the Company and the holders of at
least a majority in aggregate principal amount of the Registrable Securities at the time
outstanding. Each holder of any Registrable Securities at the time or thereafter outstanding shall
be bound by any amendment or waiver effected pursuant to this Section 9(h), whether or not any
notice, writing or marking indicating such amendment or waiver appears on such Registrable
Securities or is delivered to such holder.

     (i) Inspection. For so long as this Agreement shall be in effect, this Agreement
and a complete list of the names and addresses of all the record holders of Registrable Securities
shall be made available for inspection and copying on any Business Day by any holder of Registrable
Securities for proper purposes only (which shall include any purpose related to the rights of the
holders of Registrable Securities under the Securities, the Indenture and

20

 

this Agreement) at the offices of the Company at the address thereof set forth in Section 9(c) and
at the office of the Trustee under the Indenture.

     U) Counterparts. This Agreement may be executed by the parties in counterparts,
each of which shall be deemed to be an original, but all such respective counterparts shall
together constitute one and the same instrument.

     (k) Severability. If any provision of this Agreement, or the application thereof
in any circumstance, is held to be invalid, illegal or unenforceable in any respect for any reason,
the validity, legality and enforceability of such provision in every other respect and of the
remaining provisions contained in this Agreement shall not be affected or impaired thereby.

21

 

     If the foregoing is in accordance with your understanding, please sign and return to
us one for the Company and the Representative plus one for each counsel counterparts hereof, and
upon the acceptance hereof by you, on behalf of each of the Purchasers, this letter and such
acceptance hereof shall constitute a binding agreement between each of the Purchasers, the
Guarantors and the Company. It is understood that your acceptance of this letter on behalf of
each of the Purchasers is pursuant to the authority set forth in a form of Agreement among
Purchasers, the form of which shall be submitted to the Company for examination upon request,
but without warranty on your part as to the authority of the signers thereof.

	 	 	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Clera Channel Worldwide Holdings, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Randall T. Mays	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Randall T. Mays	 	 
	 

	 	 	 	Title:
	 	Executive Vice President, Chief	 	 
	 

	 	 	 	 	 	Financial Officer, Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Clera Channel Outdoor Holdings, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Randall T. Mays	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Randall T. Mays	 	 
	 

	 	 	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Clera Channel Outdoor, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Randall T. Mays	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Randall T. Mays	 	 
	 

	 	 	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Clera Channel Adshel, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Randall T. Mays	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Randall T. Mays	 	 
	 

	 	 	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	1567 Media LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Randall T. Mays	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Randall T. Mays	 	 
	 

	 	 	 	Title:
	 	Chief Financial Officer	 	 

[Series B Registration Rights Agreement]

 

 

	 	 	 	 	 	 	 	 	 
	 	 	Clear Channel Spectacolor, LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Randall T. Mays	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Randall T. Mays	 	 
	 

	 	 	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Clear Channel Taxi Media, LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Randall T. Mays	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Randall T. Mays	 	 
	 

	 	 	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Clear Channel Outdoor Holdings Company Canada	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Randall T. Mays	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Randall T. Mays	 	 
	 

	 	 	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Outdoor Management Services, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Randall T. Mays	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Randall T. Mays	 	 
	 

	 	 	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Inter-space Services, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Randall T. Mays	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Randall T. Mays	 	 
	 

	 	 	 	Title:
	 	Chief Financial Officer	 	 

[Series B Registration Rights Agreement}

 

 

Accepted as of the date hereof:

	 	 	 	 	 
	Goldman, Sachs & Co.	 	 
	 
	 	 	 	 
	By:

	 	 /s/ Goldman, Sachs & Co.	 	 
	 

	 	 

(Goldman, Sachs & Co.)
	 	 

On behalf of each of the Purchasers

[Exchange and Registration Rights Agreement]

23

 

Exhibit A

Clear Channel Worldwide Holdings, Inc.

INSTRUCTION TO DTC PARTICIPANTS

(Date of Mailing)

URGENT — IMMEDIATE ATTENTION REQUESTED

DEADLINE FOR RESPONSE: [DATE]*

The
Depository Trust Company (“DTC”) has identified you as a DTC Participant through
which beneficial interests in the Clear Channel Worldwide Holdings,
Inc. (the “Company’) 9.25%
Series B Senior Notes due 2017 (the “Securities’) are held.

The Company is in the process of registering the Securities under the Securities Act of 1933 for
resale by the beneficial owners thereof. In order to have their Securities included in the
registration statement, beneficial owners must complete and return the enclosed Notice of
Registration Statement and Selling Securityholder Questionnaire.

It is important that beneficial owners of the Securities receive a copy of the enclosed
materials as soon as possible as their rights to have the Securities included in the registration
statement depend upon their returning the Notice and Questionnaire by [Deadline For Response].
Please forward a copy of the enclosed documents to each beneficial owner that holds interests in
the Securities through you. If you require more copies of the enclosed materials or have any
questions pertaining to this matter, please contact Clear Channel Worldwide Holdings, Inc., 200
East Basse Road, San Antonio, TX 78209, Attention: General Counsel.

 

			
	*	 	Not less than 28 calendar days from date of mailing.

A-1

 

Clear Channel Worldwide Holdings, Inc.

Notice of Registration Statement

and

Selling Securityholder Questionnaire

(Date)

Reference is hereby made to the Exchange and Registration Rights Agreement (the “Exchange
and Registration Rights Agreement’’) between Clear Channel Worldwide Holdings, Inc. (the
“Company’’) and the Purchasers named therein. Pursuant to the Exchange and Registration
Rights Agreement, the Company has filed or will file with the United States Securities and Exchange
Commission (the “Commission’’) a registration
statement on Form [     ] (the
“Shelf Registration Statement’’) for the registration and resale under Rule 415 of the
Securities Act of 1933, as amended (the “Securities Act”), of the Company’s 9.25%
Series B Senior Notes due 2017 (the “Securities’’). A copy of the Exchange and
Registration Rights Agreement has been filed as an exhibit to the Shelf Registration Statement and
can be obtained from the Commission’s website at www.sec.gov. All capitalized terms not otherwise
defined herein shall have the meanings ascribed thereto in the Exchange and Registration Rights
Agreement.

Each beneficial owner of Registrable Securities (as defined below) is entitled to have the
Registrable Securities beneficially owned by it included in the Shelf Registration Statement. In
order to have Registrable Securities included in the Shelf Registration Statement, this Notice of
Registration Statement and Selling Securityholder Questionnaire (“Notice and Questionnaire’’)
must be completed, executed and delivered to the Company’s counsel at the address set forth
herein for receipt ON OR BEFORE [Deadline for Response]. Beneficial owners of Registrable
Securities who do not properly complete, execute and return this Notice and Questionnaire by such
date (i) will not be named as selling securityholders in the Shelf Registration Statement and (ii)
may not use the Prospectus forming a part thereof for resales of Registrable Securities.

Certain legal consequences arise from being named as a selling securityholder in the Shelf
Registration Statement and related Prospectus. Accordingly, holders and beneficial owners of
Registrable Securities are advised to consult their own securities law counsel regarding the
consequences of being named or not being named as a selling securityholder in the Shelf
Registration Statement and related Prospectus.

The term “Registrable Securities” is defined in the Exchange and Registration Rights
Agreement.

A-2

 

ELECTION

The undersigned holder (the “Selling SecurityhoJder”) of Registrable Securities hereby
elects to include in the Shelf Registration Statement the Registrable Securities beneficially owned
by it and listed below in Item (3). The undersigned, by signing and returning this Notice and
Questionnaire, agrees to be bound with respect to such Registrable Securities by the terms and
conditions of this Notice and Questionnaire and the Exchange and Registration Rights Agreement,
including, without limitation, Section 6 of the Exchange and Registration Rights Agreement, as if
the undersigned Selling Securityholder were an original party thereto.

Pursuant to the Exchange and Registration Rights Agreement, the undersigned has agreed to
indemnify and hold harmless the Company, its officers who sign any Shelf Registration Statement,
and each person, if any, who controls the Company within the meaning of either Section 15 of the
Securities Act or Section 20 of the Exchange Act of 1934, as amended (the “Exchange Act’),
against certain loses arising out of an untrue statement, or the alleged untrue statement, of
a material fact in the Shelf Registration Statement or the related prospectus or the omission, or
alleged omission, to state a material fact required to be stated in such Shelf Registration
Statement or the related prospectus, but only to the extent such untrue statement or omission, or
alleged untrue statement or omission, was made in reliance on and in conformity with the
information provided in this Notice and Questionnaire.

Upon any sale of Registrable Securities pursuant to the Shelf Registration Statement, the
Selling Securityholder will be required to deliver to the Company and Trustee the Notice of
Transfer set forth in Appendix A to the Prospectus and as Exhibit B to the Exchange and
Registration Rights Agreement.

The Selling Securityholder hereby provides the following information to the Company and represents
and warrants that such information is accurate and complete:

A-3

 

QUESTIONNAIRE

	 	 	 	 	 
	(1)

	 	(a)
	 	Full legal name of Selling Securityholder:
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	(b)
	 	Full legal name of registered Holder (if not the same as in (a) above) of Registrable
Securities listed in Item (3) below:
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	(c)
	 	Full legal name of DTC Participant (if applicable and if not the same as (b) above) through
which Registrable Securities listed in Item (3) below are held:
	 
	 	 	 	 
	 

	 	 	 	 

(2) Address for notices to Selling Securityholder:

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Telephone:
	 	 
	 

	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Fax:
	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Contact Person:
	 	 
	 

	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	E-mail for Contact Person:
	 	 
	 

	 	 	 	 

(3) Beneficial Ownership of Securities:

	 	 	 	 	 
	 

	 	 	 	Except as set forth below in this Item (3), the undersigned
does not beneficially own any Securities.
	 
	 	 	 	 
	 

	 	(a)
	 	Principal amount of Registrable Securities beneficially owned:   

	 

	 	 	 	CUSIP No(s). of such Registrable Securities:   

	 
	 	 	 	 
	 

	 	(b)
	 	Principal amount of Securities other than Registrable Securities beneficially owned:   

	 

	 	 	 	CUSIP No(s). of such other Securities:   

	 
	 	 	 	 
	 

	 	(c)
	 	Principal amount of Registrable Securities that the undersigned wishes to be included in
the Shelf Registration 
Statement:     

	 

	 	 	 	CUSIP No(s). of such Registrable Securities to be included in
the Shelf Registration
Statement:    

(4) Beneficial Ownership of Other Securities of the Company:

	 	 	 
	 

	 	Except as set forth below in this Item (4), the undersigned
Selling Securityholder is not the beneficial or registered owner of any other securities
of the Company, other than the Securities listed above in Item (3).
	 
	 	 
	 

	 	State any exceptions here:
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 

A-4

 

(5) Individuals who exercise dispositive powers with respect to the Securities:

	 	 	 	 	 
	 

	 	 	 	If the Selling Securityholder is not an entity that is required to file reports with
the Commission pursuant to Section 13 or 15(d) of the Exchange
Act (a “Reporting Company”), then the Selling Securityholder must
disclose the name of the natural person(s) who exercise sole or shared
dispositive powers with respect to the Securities. Selling Securityholders should
disclose the beneficial holders, not nominee holders or other such others of
record. In addition, the Commission has provided guidance that Rule 13d-3 of
the Securities Exchange Act of 1934 should be used by analogy
when determining the person or persons sharing voting and/or dispositive powers with
respect to the Securities.
	 
	 	 	 	 
	 

	 	(a)
	 	Is the holder a Reporting Company?
	 
	 	 	 	 
	 

	 	 	 	Yes          
                              
No                               
	 
	 	 	 	 
	 

	 	 	 	If “No”, please answer Item (5)(b).
	 
	 	 	 	 
	 

	 	(b)
	 	List below the individual or individuals who exercise dispositive powers with
respect to the Securities:
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	Please note that the names of the persons listed in (b) above will be
included in the Shelf Registration Statement and related Prospectus.

(6) Relationships with the Company:

	 	 	 	 	 
	 

	 	 	 	Except as set forth below, neither the Selling Securityholder nor any
of its affiliates, officers, directors or principal equity holders (5%
or more) has held any position or office or has had any other material relationship
with the Company (or its predecessors or affiliates) during the past three years.
	 
	 	 	 	 
	 

	 	 	 	State any exceptions here:
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 

(7) Plan of Distribution:

	 	 	 	 	 
	 

	 	 	 	Except as set forth below, the undersigned Selling Securityholder
intends to distribute the Registrable Securities listed above in Item (3)
only as follows (if at all): Such Registrable Securities may be sold
from time to time directly by the undersigned Selling Securityholder. Such Registrable
Securities may be sold in one or more transactions at fixed prices, at prevailing market
prices at the time of sale, at varying prices determined at the time
of sale, or at negotiated prices. Such sales may be effected in transactions
(which may involve crosses or block transactions) (i) on any national securities exchange
or quotation service on which the Registered Securities may be listed or quoted at the
time of sale, (ii) in the over-the-counter market, (iii) in transactions
otherwise than on such exchanges or services or in the over-the-counter market, or (iv)
through the writing of options. In connection with sales of the

A-5

 

	 	 	 	 	 
	 

	 	 	 	Registrable Securities or otherwise, the Selling Securityholder may enter into hedging
transactions with broker-dealers, which may in turn engage in short sales of the
Registrable Securities in the course of hedging the positions they assume. The Selling
Securityholder may also sell Registrable Securities short and deliver Registrable
Securities to close out such short positions, or loan or pledge Registrable Securities to
broker-dealers that in turn may sell such securities.
	 
	 	 	 	 
	 

	 	 	 	State any exceptions here:
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 

	 	 	 	Note: In no event may such methodes) of distribution take the form
of an underwritten offering of Registrable Securities without the
prior written agreement of the Company.

(8) Broker-Dealers:

	 	 	 	 	 
	 

	 	 	 	The Commission requires that all Selling Securityholders that are registered
broker-dealers or affiliates of registered broker-dealers be so
identified in the Shelf Registration Statement. In addition, the Commission requires
that all Selling Securityholders that are registered broker-dealers be named as
underwriters in the Shelf Registration Statement and related Prospectus, even if
they did not receive the Registrable Securities as compensation for
underwriting activities.
	 
	 	 	 	 
	 

	 	(a)
	 	State whether the undersigned Selling Securityholder is a registered broker-dealer:
	 
	 	 	 	 
	 

	 	 	 	Yes                                    
     No                              
	 
	 	 	 	 
	 

	 	(b)
	 	If the answer to (a) is “Yes”, you must answer (i) and (ii) below, and (iii) below if
applicable. Your answers to (i) and (ii) below, and (iii) below if applicable, will be
included in the Shelf Registration Statement and related Prospectus.
	 
	 

	 	 	 	(i) Were the Securities acquired as compensation for underwriting activities?
	 
	 	 	 	 
	 

	 	 	 	Yes                                    
     No                              
	 
	 	 	 	 
	 

	 	 	 	If you answered “Yes”, please provide a brief description of the transaction(s) in which
the Securities were acquired as compensation:
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 

	 	 	 	(ii) Were the Securities acquired for investment purposes?
	 
	 

	 	 	 	Yes                                    
     No                              
	 
	 

	 	 	 	(iii) If you answered “No” to both (i) and (ii), please explain the Selling
Securityholder’s reason for acquiring the Securities:
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 

A-6

 

	 	 	 	 	 
	 

	 	(c)
	 	State whether the undersigned Selling Securityholder is an affiliate of a registered
broker-dealer and, if so, list the name(s) of the broker-dealer affiliate(s):
	 
	 	 	 	 
	 

	 	 	 	Yes                                    
     No                              
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 

	 	(d)
	 	If you answered “Yes” to question (c) above:
	 
	 	 	 	 
	 

	 	 	 	(i) Did the undersigned Selling Securityholder purchase Registrable Securities in the
ordinary course of business?
	 
	 	 	 	 
	 

	 	 	 	Yes                                    
    No                              
	 
	 	 	 	 
	 

	 	 	 	If the answer is “No” to question (d)(i), provide a brief explanation of the
circumstances in which the Selling Securityholder acquired the Registrable Securities:
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 

	 	 	 	(ii) At the time of the purchase of the Registrable Securities, did the undersigned
Selling Securityholder have any agreements, understandings or arrangements, directly or
indirectly, with any person to dispose of or distribute the Registrable Securities?
	 
	 	 	 	 
	 

	 	 	 	Yes                                    
     No                              
	 
	 	 	 	 
	 

	 	 	 	If the answer is “Yes” to question (d)(ii), provide a brief explanation of such
agreements, understandings or arrangements:
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 

	 	 	 	If the answer is “No” to Item (B)(d)(i) or “Yes” to Item
(B)(d)(ii), you will be named as an underwriter in the Shelf Registration Statement and
the related Prospectus.

(9) Hedging and short sales:

	 	 	 	 	 
	 

	 	(a)
	 	State whether the undersigned Selling Securityholder has or will enter into “hedging
transactions” with respect to the Registrable Securities:
	 
	 	 	 	 
	 

	 	 	 	Yes                                    
     No                              
	 
	 	 	 	 
	 

	 	 	 	If “Yes”, provide below a complete description of the hedging transactions into
which the undersigned Selling Securityholder has entered or will enter and the purpose of
such hedging transactions, including the extent to which such hedging transactions remain
in place:
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 

A-7

 

	 	(b)	 	Set forth below is Interpretation A.65 of the Commission’s July 1997 Manual of
Publicly Available Interpretations regarding short selling:
	 
	 	 	 	“An issuer filed a Form S-3 registration statement for a
secondary offering of common stock which is not yet effective. One of the selling
shareholders wanted to do a short sale of common stock “against the box” and
cover the short sale with registered shares after the effective date. The issuer was
advised that the short sale could not be made before the registration statement becomes
effective, because the shares underlying the short sale are deemed to be sold at the time
such sale is made. There would, therefore, be a violation of Section 5
if the shares were effectively sold prior to the effective date.”
	 
	 	 	 	By returning this Notice and Questionnaire, the undersigned Selling
Securityholder will be deemed to be aware of the foregoing interpretation.

*   *   *   *   *

By signing below, the Selling Securityholder acknowledges that it understands its
obligation to comply, and agrees that it will comply, with the provisions of the Exchange Act,
particularly Regulation M (or any successor rule or regulation).

The Selling Securityholder hereby acknowledges its obligations under the Exchange and Registration
Rights Agreement to indemnify and hold harmless the Company and certain other persons as set forth
in the Exchange and Registration Rights Agreement.

In the event that the Selling Securityholder transfers all or any portion of the Registrable
Securities listed in Item (3) above after the date on which such information is provided to the
Company, the Selling Securityholder agrees to notify the transferee(s) at the time of the transfer
of its rights and obligations under this Notice and Questionnaire and the Exchange and Registration
Rights Agreement.

By signing below, the Selling Securityholder consents to the disclosure of the information
contained herein in its answers to Items (1) through (9) above and the inclusion of such
information in the Shelf Registration Statement and related Prospectus. The Selling Securityholder
understands that such information will be relied upon by the Company in connection with the
preparation of the Shelf Registration Statement and related Prospectus.

In accordance with the Selling Securityholder’s obligation under Section 3(d) of the Exchange
and Registration Rights Agreement to provide such information as may be required by law for
inclusion in the Shelf Registration Statement, the Selling Securityholder agrees to promptly notify
the Company of any inaccuracies or changes in the information provided herein which may occur
subsequent to the date hereof at any time while the Shelf Registration Statement remains in effect
and to provide such additional information that the Company may reasonably request regarding such
Selling Securityholder and the intended method of distribution of Registrable Securities in order
to comply with the Securities Act. Except as otherwise provided in the Exchange and Registration
Rights Agreement, all notices hereunder and pursuant to the Exchange and Registration Rights
Agreement shall be made in writing, by hand-delivery, first-class mail, or air courier guaranteeing
overnight delivery as follows:

A-8

 

	 	 	 	 	 	 	 
	 

	 	(i) To the Company:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	(ii) With a copy to:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 

Once this Notice and Questionnaire is executed by the Selling Securityholder and received by
the Company’s counsel, the terms of this Notice and Questionnaire, and the representations and
warranties contained herein, shall be binding on, shall inure to the benefit of and shall be
enforceable by the respective successors, heirs, personal representatives, and assigns of the
Company and the Selling Securityholder (with respect to the Registrable Securities beneficially
owned by such Selling Securityholder and listed in Item (3) above. This Notice and Questionnaire
shall be governed in all respects by the laws of the State of New York.

A-9

 

IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice
and Questionnaire to be executed and delivered either in person or by its duly authorized agent.

Dated:
                                        

	 	 	 	 	 
	 
	 
	 	 	 
	 
	 	 	Selling Securityholder
	 	 	(Print/type full legal name of beneficial owner of Registrable Securities)
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 	 	Name:
	 	 	Title:

PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON OR BEFORE
[DEADLINE FOR RESPONSE] TO THE COMPANY’S COUNSEL

AT:

 

 

 

 

 

A-10

 

Exhibit B

NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT

[Name of Trustee]

Clear Channel Worldwide Holdings, Inc.

c/o [Name of Trustee]

[Address of Trustee]

Attention: Trust Officer

			
	          Re:	 	Clear Channel Worldwide Holdings, Inc. (the “Company”)

9.25% Series B Senior Notes due 2017

Dear Sirs:

Please be advised that                     has transferred
$                    
aggregate principal amount of the above-referenced Notes pursuant to an effective Registration Statement on Form
[                    ] (File
No. 333-                    ) filed by the Company.

We hereby certify that the prospectus delivery requirements, if any, of the Securities Act of 1933,
as amended, have been satisfied and that the above-named beneficial owner of the Notes is named as
a “Selling Holder” in the Prospectus dated [date] or in supplements thereto, and that
the aggregate principal amount of the Notes transferred are the Notes listed in such Prospectus
opposite such owner’s name. .

Dated:

	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

(Name)
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

(Authorized Signature)
	 	 

B-1exv10w39

Exhibit
10.39

EXECUTION VERSION

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

     AGREEMENT, dated effective as of December 22, 2009, by and between Clear Channel
Communications, Inc. (as successor to BT Triple Crown Merger Co., Inc. (“MergerSub”, the
“Company”), CC Media Holdings, Inc. (“Holdings”) and Randall T. Mays (“Executive”).

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

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

     NOW, THEREFORE, in consideration of the premises and the mutual covenants set forth below,
the parties hereby amend and restate the Existing Agreement effective as of the Effective Date as
follows:

     1. Employment. The Company hereby agrees to continue to employ Executive as the Chief
Financial Officer and as Vice-Chairman of the Company, and Executive hereby accepts such continued
employment, on the terms and conditions hereinafter set forth.

     2. Term. The period of employment of Executive by the Company under this Agreement shall
commence December 22, 2009 (the “Effective Date”) and shall have an original term from the
Effective Date through July 31, 2013 (the “Employment Period”), and shall be automatically extended
thereafter for successive terms of one year each, unless either party provides notice to the other
at least twelve months prior to the expiration of the original or any extension term that the
Agreement is not to be extended. The Employment Period may be sooner terminated by either party in
accordance with Section 6 of this Agreement.

     3. Position and Duties. Executive shall continue to serve as Chief Financial Officer until
the date on which the Company hires a new Chief Financial Officer to succeed him. During the
Employment Period, Executive shall serve as Vice-Chairman of the Company, and shall report solely
and directly to the Chief Executive Officer of Holdings. Executive shall have those powers and
duties normally associated with the position of Vice-Chairman of entities comparable to the Company
and such other powers and duties as may be prescribed by the Chief Executive Officer; provided,
that such other powers and duties are consistent with Executive’s position as Vice-Chairman.
Executive shall be provided with all the support as shall be appropriate to perform such duties of
Vice-Chairman, including, but not limited to: office space, stenographic and secretarial assistance
and use of the Company-provided airplane, all as otherwise provided in Section 5 of this Agreement.
The Executive shall devote as much of his working time, attention and energies during normal
business hours (other than absences due to illness or vacation) to satisfactorily perform his
duties for the Company. In particular, but not in limitation of the foregoing, following the date
on which Executive shall commence to act as Vice-Chairman of the Company, it is the expectation of
the parties that Executive shall work no less than 40 hours per month, on average. Notwithstanding
the above, Executive shall be permitted to (i) manage Executive’s personal, financial and legal
affairs, (ii) serve on civic or

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charitable boards or committees or on the Board of Directors of Live Nation Inc. and its
committees (it being expressly understood and agreed that
Executive’s continuing to serve on any such boards and/or committees on which Executive is serving,
or with which Executive is otherwise associated, as of the Effective Date shall be deemed not to
interfere with the performance by Executive of his duties and responsibilities under this
Agreement), and (iii) deliver lectures or fulfill speaking engagements. During the Employment
Period, for so long as Executive remains Vice-Chairman of the Company, Executive shall also serve
as a member of the Board of the Company.

	4.	 	Place of Performance. The principal place of employment of Executive shall be at the
Company’s principal executive offices in San Antonio, Texas.

	5.	 	Compensation and Related Matters.

     (a) Base Salary and Bonus. During the Employment Period, the Company shall pay
Executive a base salary at a rate of not less than $500,000 for calendar year 2009 and,
thereafter, not less than $1,000,000 per year (“Base Salary”). Notwithstanding the foregoing,
upon ceasing to act as Chief Financial Officer, Executive’s Base Salary shall be reduced
automatically to the rate of $500,000 per year. Executive’s Base Salary shall be paid in
approximately equal installments in accordance with the Company’s customary payroll practices.
The Compensation Committee of the Board of Holdings (the “Compensation Committee”) shall review
Executive’s Base Salary for increase (but not decrease) no less frequently than annually and
consistent with the executive compensation practices and guidelines of the Company and
Holdings. If Executive’s Base Salary is increased by the Company, such increased Base Salary
shall then constitute the Base Salary for all purposes of this Agreement. In addition to Base
Salary, Executive shall be eligible to receive an annual bonus (the “Performance Bonus”), which
shall be solely at the discretion of the Board of Holdings (and which may be zero). The
Performance Bonus, if any, shall be payable in one lump sum between January 1 and March 15 of
the year following the year for which the Performance Bonus was earned.

     (b) Expenses and Perquisites. The Company shall promptly reimburse Executive for all
reasonable business expenses upon the presentation of reasonably itemized statements of such
expenses, in accordance with the Company’s policies and procedures now in force or as such
policies and procedures may be modified generally with respect to senior executive officers of
the Company. In addition, during the Employment Period, Executive shall be entitled to, at the
sole expense of the Company:

	 	(i)	 	the use of an automobile appropriate to his position and no less qualitative than
the automobile provided to him immediately prior to the date of this Agreement; and
	 
	 	(ii)	 	use of a Company-provided aircraft for personal travel, in accordance with
Company policy as in effect on November 16, 2006 (the “Aircraft Benefit”), with such usage
consistent with past practice.

-2-

 

     (c) Vacation. Executive shall be entitled to the number of weeks of paid vacation per year
that he was eligible for immediately prior to the date of this Agreement, but in no event less than
four (4) weeks annually provided that, upon ceasing to act as Chief Financial Officer vacation
shall be taken at the Executive’s discretion. Vacation shall otherwise be governed by the policies
of the Company, as in effect from time to time. In addition to vacation, Executive shall be
entitled to the number of sick days and personal days per year that other senior executive officers
of the Company with similar tenure are entitled to under the Company’s policies.

     (d) Services Furnished. During the Employment Period, the Company shall furnish Executive
with office space, stenographic and secretarial assistance and such other facilities and services
no less favorable than what he was receiving immediately prior to the date of this Agreement or, if
better, as provided to other senior executive officers of the Company (other than the Chairman
Emeritus).

     (e) Welfare, Pension and Incentive Benefit Plans. During the Employment Period, subject to
the terms of the applicable plan documents and generally applicable Company policies, Executive
(and his spouse and dependents to the extent provided therein) shall be entitled to participate in
and be covered under all the welfare benefit plans or programs maintained by the Company from time
to time for the benefit of its senior executives (other than benefits maintained exclusively for
the Chairman Emeritus), including, without limitation, all medical, hospitalization, dental,
disability, accidental death and dismemberment and travel accident insurance plans and programs.
During the Employment Period, the Company shall provide to Executive (and his spouse and dependents
to the extent provided under the applicable plans or programs) the same type and substantially
equivalent levels of participation and employee benefits (other than severance pay plans and,
except with the express consent of the Board of Holdings, incentive bonus programs other than as
explicitly set forth in Section 5(a) hereof) as are being provided to other senior executives (and
their spouses and dependents to the extent provided under the applicable plans or programs) on the
Effective Date, subject to modifications affecting all senior executive officers.

     (f) Amendments to Equity Incentive Awards.

     (i) On the Effective Date, the parties shall execute such agreements and amendments to
the Executive’s equity incentive awards and other documents as are necessary to provide that
upon Executive’s cessation of service as the Company’s Chief Financial Officer, with respect to
the stock options granted by Holdings to Executive on July 29, 2008 under the 2008 Executive
Incentive Plan (the “2008 Stock Options”), two-thirds of the Tranche 1 Options and all of the
Tranche 2 Options and Tranche 3 Options (as such terms are defined in the stock option
agreement (“Stock Option Agreement”) shall be automatically terminated and of no further force
and effect.

     (ii) The parties shall execute such agreements and amendments to the Executive’s
equity incentive awards and other documents as are necessary to provide that on and after the
Effective Date, notwithstanding any other agreement to the contrary, neither Executive nor any
family limited partnership or other estate planning vehicle established by Executive shall have
the right to require Holdings (or any other person, including any Investor (as defined in the
2008 Executive Incentive Plan) to purchase any common stock or make payment in

-3-

 

exchange for the cancellation of any stock option at any time or for specified consideration,
provided that any shares of common stock of the Company held by Executive shall be free of
restrictions on transfer, except those restrictions imposed by law or Holdings Insider Trading
Policy, dated July 30, 2008, as amended from time to time.

     (iii) The parties shall execute such agreements and amendments to the Executive’s
equity incentive awards and other documents as are necessary to provide that as of the
Effective Date: (1) all of Executive’s stock options in Company not forfeited pursuant to
paragraph 5(f)(i), will vest immediately and remain exercisable through their original term
notwithstanding any agreement that would limit the period of exercisability on account of
termination of employment (but otherwise subject to earlier termination in accordance with the
terms of Section 7 of the plan and Section 4 of the option agreement); (2) subject to the
approval by the Clear Channel Outdoor, Inc. (“CCO”) Board (or any Compensation Committee to
whom such authority has been delegated) and the provisions of any governing documents, all of
Executive’s stock Options in CCO will vest immediately and remain exercisable through their
original term notwithstanding any agreement that would limit the period of exercisability on
account of termination of employment, (3) if Executive is terminated pursuant to paragraphs
6(a), 6(b), (d) and/or 6 (e) of this Agreement, Executive’s unvested Restricted Stock in the
Company will immediately vest and shall be free of restrictions; and (4) subject to the
approval by the CCO Board (or any Compensation Committee to whom such authority has been
delegated) and the provisions of any governing documents, all of Executive’s unvested
Restricted Stock in CCO will immediately vest and be free of restrictions, except those
restrictions imposed by law or the CCO Insider Trading Policy, as amended from time to time.

     6. Termination. Executive’s employment hereunder may be terminated during the Employment Period
under the following circumstances:

     (a) Death. Executive’s employment hereunder shall terminate upon his death.

     (b) Disability. If, as a result of Executive’s incapacity due to physical or mental
illness, Executive shall have been substantially unable to perform his duties hereunder
notwithstanding the provision of reasonable accommodation for a period of six (6) consecutive
months, and within thirty (30) days after written Notice of Termination is given after such six (6)
month period Executive shall not have returned to the substantial performance of his duties on a
full-time basis, the Company shall have the right to terminate Executive’s employment hereunder for
“Disability”, and such termination in and of itself shall not be, nor shall it be deemed to be, a
breach of this Agreement.

     (c) Cause. The Company shall have the right to terminate Executive’s employment for Cause
by providing Executive with a written Notice of Termination, and such termination in and of itself
shall not be, nor shall it be deemed to be, a breach of this Agreement. For purposes of this
Agreement, “Cause” shall mean:

     (i) Executive’s conviction of, or a plea of nolo contendre to, a crime constituting a
felony under the laws of the United States or any state thereof that causes material and
demonstrable injury, monetarily or otherwise, to the Company; or

-4-

 

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

     (iii) Executive’s breach of any provision of Section 11 hereof that causes
material and demonstrable injury, monetarily or otherwise, to the Company.

Whether “Cause” exists shall be determined by at least a majority of the members of the Board of
the Company at a meeting of the Board called and held for such purpose, provided that at least a
majority of the members of the Board of Holdings has determined prior to such meeting that Cause
exists.

     (d) Good Reason. Executive may terminate his employment for “Good Reason” by providing the
Company with a written Notice of Termination within six (6) months of the event giving rise to
“Good Reason”. The following events, without the written consent of Executive, shall constitute
“Good Reason”:

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

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

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

     (iv) If Mark P. Mays is no longer Chief Executive Officer of the Company.

Executive expressly
acknowledges and agrees that the Company’s provision of notice of non-renewal of the Agreement
pursuant to Section 2 hereof, alone or in combination with the transition of Executive’s duties to
another employee during the notice period, shall not constitute Good Reason.

Executive expressly waives any rights he might otherwise have, under the Existing Agreement
or otherwise, to resign for Good Reason or otherwise receive any compensation in the nature of
severance or separation pay or benefits as a result of the transaction contemplated by the
Merger Agreement (the “Transaction”).

-5-

 

     (e) Without Cause. The Company shall have the right to terminate Executive’s
employment hereunder without Cause by providing Executive with a Notice of Termination at least
thirty (30) days prior to such termination, and such termination shall not in and of itself be,
nor shall it be deemed to be, a breach of this Agreement. In the event of termination pursuant
to this Section 6(e), the Board of the Company may elect to waive the period of notice, or any
portion thereof, and, if the Board so elects, the Company will pay Executive his Base Salary
for the initial thirty (30) days of the notice period or for any lesser remaining portion of
such period, payable in accordance with the regular payroll practices of the Company.

     (f) Without Good Reason. Executive shall have the right to terminate his employment
hereunder without Good Reason by providing the Company with a Notice of Termination at least
thirty (30) days prior to such termination, and such termination shall not in and of itself be,
nor shall it be deemed to be, a breach of this Agreement. In the event of termination pursuant
to this Section 6(f), the Board of the Company may elect to waive the period of notice, or any
portion thereof, and, if the Board so elects, the Company will pay Executive his Base Salary
for the initial thirty (30) days of the notice period or for any lesser remaining portion of
such period, payable in accordance with the regular payroll practices of the Company.

     7. Termination Procedure.

     (a) Notice of Termination. Any termination of Executive’s employment by the Company or
by Executive during the Employment Period (other than termination pursuant to Section 6(a))
shall be communicated by written Notice of Termination to the other party hereto in accordance
with Section 15. For purposes of this Agreement, a “Notice of Termination” shall mean a notice
which indicates the specific termination provision in this Agreement relied upon, and sets
forth in reasonable detail the facts and circumstances claimed to provide a basis for
termination of Executive’s employment under the provision so indicated.

     (b) Date of Termination. “Date of Termination” shall mean (i) if Executive’s
employment is terminated by his death, the date of death, (ii) if Executive’s employment is
terminated pursuant to Section 6(b), thirty (30) days after Notice of Termination (provided
that Executive shall not have returned to the substantial performance of his duties on a
full-time basis during such thirty (30) day period), and (iii) if Executive’s employment is
terminated for any other reason, the date on which a Notice of Termination is given or any
later date set forth in such Notice of Termination.

     8. Compensation Upon Termination or During Disability. In the event Executive is disabled
or his employment terminates during the Employment Period, the Company shall provide Executive with
the payments and benefits set forth below; provided, however, that any obligation of the Company to
Executive under Section 8(a), other than for Final Compensation, is expressly conditioned upon
Executive signing and returning to the Company a timely and effective release of claims in the form
attached hereto as Exhibit F (by the deadline specified therein (any such release submitted by such
deadline, the “Executive Release of Claims”)) and delivering it to the Company within thirty (30)
days of the date of his separation from service. Following the Company’s receipt of a timely and
effective Release of Claims, the Company and Holdings shall execute a release of claims in favor of
Executive in the form attached hereto as

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Exhibit G (the “Company Release of Claims”). The Executive Release of Claims required for
separation benefits in accordance with Section 8(a) creates legally binding obligations on the part
of Executive, and the Company and its Affiliates therefore advise Executive and his beneficiary or
legal representative, as applicable, to seek the advice of an attorney before signing it.

     (a) Termination By the Company Without Cause or By Executive for Good Reason. If
Executive’s employment is terminated by the Company without Cause or by Executive for Good Reason:

	 	(i)	 	The Company shall pay to Executive his Base Salary, which for purposes of this Section
8(a) shall never be less than $1,000,000, and unused vacation pay accrued or prorated through the
Date of Termination (together, the “Final Compensation”) and shall reimburse Executive pursuant to
Section 5(b) for reasonable business expenses incurred but not paid prior to such termination of
employment. The Final Compensation shall be paid in a lump sum as soon as practicable following the
Date of Termination, but in no event later than two and a half months following the end of the
taxable year including the Date of Termination.
	 
	 	(ii)	 	The Company shall continue (1) to pay to Executive his Base Salary, as defined by Section
8(a)(i), for the remainder of the initial Employment Period, and (2) maintain in full force and
effect, for the continued benefit of the Executive and his eligible dependents, for the remainder
of the initial Employment Period the medical and hospitalization insurance programs in which the
Executive and his dependents were participating immediately prior to the Date of Termination, at
the level in effect and upon substantially the same terms and conditions (including without
limitation contributions required by Executive for such benefits) as existed immediately prior to
the Date of Termination; provided, that if Executive or his dependents cannot continue to
participate in the Company plans and programs providing these benefits, the Company shall arrange
to provide Executive and his dependents with the economic equivalent of such benefits which they
otherwise would have been entitled to receive under such plans and programs (the “Continued
Benefits”), provided, that such Continued Benefits shall terminate on the date or dates Executive
receives equivalent coverage and benefits, without waiting period or pre-existing condition
limitations, under the plans and programs of a subsequent employer. Notwithstanding anything to the
contrary in this Section 8(a)(ii), the aggregate value (as the same would be determined under
Section 280G of the Code) of the Continued Benefits shall in no event exceed Fifty Thousand Dollars
($50,000) (the “Aggregate Cap”); accordingly, the Company’s obligation to provide the Continued
Benefits shall cease once such value of the Continued Benefits that have been provided to the
Executive and/or his dependents reaches the Aggregate Cap, even if such date occurs prior to the
end of the initial Employment Period.

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	 	(iii)	 	The Executive shall be entitled to continued use of any available Company-provided
aircraft for personal travel in accordance with Section 5(b)(ii) (the usage of which
shall not be unreasonably withheld) through the end of the initial Employment Period.

     (b) Termination By the Company for Cause or By Executive Without Good Reason. If Executive’s
employment is terminated by the Company for Cause or by Executive other than for Good Reason, the
Company shall pay Executive the Final Compensation at the time and in the manner set forth in
Section 8(a)(i) hereof. The Company shall have no further obligation to Executive upon such
termination under this Agreement.

     (c) Disability. During any period that Executive fails to perform his duties hereunder as
a result of incapacity due to physical or mental illness (“Disability Period”), Executive shall
continue to receive his full Base Salary set forth in Section 5(a) until his employment is
terminated pursuant to Section 6(b), and the Company may, in its discretion, designate another
individual to act in Executive’s place, and such designation shall not constitute Good Reason. In
the event Executive’s employment is terminated for Disability pursuant to Section 6(b), the Company
shall pay to Executive the Final Compensation at the time and in the manner set forth in Section
8(a)(i) hereof. The Company shall have no further obligation to Executive upon such termination
under this Agreement.

     (d) Death. If Executive’s employment is terminated by his death, the Company shall pay the
Final Compensation to Executive’s beneficiary, legal representatives or estate, as the case may be,
at the time and in the manner set forth in Section 8(a)(i) hereof. The Company shall have no
further obligation to Executive upon such termination under the Agreement.

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

     9. Gross-Up Payment.

	 	(i)	 	Anything in this Agreement to the contrary notwithstanding, in the event it shall
be determined that any payment, award, benefit or distribution (or any acceleration of
any payment, award, benefit or

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	 		 	distribution) to or for the benefit of Executive provided under this Agreement (the “Payments”)
would be subject to a twenty percent addition to taxation under Section 409A (“409A Tax”) or
any interest or penalties are incurred by Executive with respect to such tax, then the Company
shall pay to Executive an additional payment (a “Gross-Up Payment”) in an amount such that
after payment by Executive of all 409A Taxes imposed upon the Gross-Up Payment, Executive
retains an amount of the Gross-Up Payment equal to the sum of (x) the 409A Taxes, interest, and
penalties imposed upon the Payments and (y) the product of any deductions disallowed because of
the inclusion of the Gross-Up Payment in Executive’s adjusted gross income and the highest
applicable marginal rate of income taxation for the calendar year in which the Gross-Up Payment
is to be made. For purposes of determining the amount of the Gross-Up Payment, Executive shall
be deemed to (A) pay federal income taxes
at the highest marginal rates of federal income taxes at the highest marginal rate of taxation
for the calendar year in which the Gross-Up Payment is to be made, (B) pay applicable state and
local income taxes at the highest marginal rate of taxation for the calendar year in which the
Gross-Up Payment is to be made, net of the maximum reduction in federal income taxes which
could be obtained from deduction of such state and local taxes and (C) have otherwise allowable
deductions for federal income tax purposes at least equal to those which could be disallowed
because of the inclusion of the Gross-Up Payment in Executive’s adjusted gross income.
	 	(ii)	 	Anything in this Agreement to the contrary notwithstanding, in the event it shall be
determined that any payment, award, benefit or distribution (or any acceleration of any payment,
award, benefit or distribution) to or for the benefit of Executive (the “Payments”) as a result of
the transactions consummated on July 30, 2008, pursuant to which MergerSub merged with and into the
Company (the “Transaction”), would be subject to the excise tax imposed by Section 4999 of the
Internal Revenue Code (the “Code”), or any interest or penalties are incurred by Executive with
respect to such excise tax (such excise tax, together with any such interest and penalties, are
hereinafter collectively referred to as the “Excise Tax”), then the Company shall pay to Executive
an additional payment (a “Gross-Up Payment”) in an amount such that after payment by Executive of
all taxes (including any Excise Tax) imposed upon the Gross-Up Payment, Executive retains an amount
of the Gross-Up Payment equal to the sum of (x) the Excise Tax imposed upon the Payments and (y)
the product of any deductions disallowed because of the inclusion of the Gross-Up Payment in
Executive’s adjusted gross income and the highest applicable marginal rate of federal income
taxation for the calendar year in which the Gross-Up Payment is to be made. For purposes of
determining the amount of the Gross-Up Payment, Executive shall

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	 	 	 	be deemed to (A) pay federal income taxes at the highest marginal rates of federal income taxes
at the highest marginal rate of taxation for the calendar year in which the Gross-Up Payment is
to be made, (B) pay applicable state and local income taxes at the highest marginal rate of
taxation for the calendar year in which the Gross-Up Payment is to be made, net of the maximum
reduction in federal income taxes which could be obtained from deduction of such state and
local taxes and (C) have otherwise allowable deductions for federal income tax purposes at
least equal to those which could be disallowed because of the inclusion of the Gross-Up Payment
in Executive’s adjusted gross income.
	 
	 	(iii)	 	Subject to the provisions of Section 9(i) and 9(ii), as applicable, all determinations
required to be made under this Section 9, including whether and when a Gross-Up Payment is
required, the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at
such determinations, shall be made by a nationally recognized public accounting firm that is
selected by the Company (the “Accounting Firm”) which shall provide detailed supporting
calculations both to the Company and Executive within fifteen (15) business days of the receipt of
notice from the Company or Executive that there has been a Payment, or such earlier time as is
requested by the Company or Executive (collectively, the “Determination”). All fees and expenses of
the Accounting Firm shall be borne solely by the Company, and the Company shall enter into any
reasonable agreement requested by the Accounting Firm in connection with the performance of the
services hereunder. The Gross-Up Payment under this Section 9 with respect to any Payments made to
Executive shall be made to the relevant tax authorities no later than the date on which the 409A
Tax or Excise Tax on such Payments is due to the relevant tax authorities. If the Accounting Firm
determines that no 409A
Tax or Excise Tax is payable by Executive, it shall furnish Executive with a written opinion
to such effect, and to the effect that failure to report the 409A Tax or Excise Tax, if any,
on Executive’s applicable federal income tax return should not result in the imposition of a
negligence or similar penalty.
	 
	 	(iv)	 	As a result of the uncertainty in the application of Section 4999 of the Code at the time of
the Determination, it is possible that Gross-Up Payments which will not have been made by the
Company should have been made (“Underpayment”) or Gross-Up Payments are made by the Company which
should not have been made (“Overpayment”), consistent with the calculations required to be made
hereunder. In the event that Executive thereafter is required to make payment of any Excise Tax or
additional Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has
occurred and any such Underpayment (together with interest at the rate provided in Section
1274(b)(2)(B) of the Code)

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	 	 	 	shall be promptly paid by the Company to or for the benefit of Executive. In
the event the amount of the Gross-Up Payment exceeds the amount necessary to
reimburse Executive for his Excise Tax, the Accounting Firm shall determine the
amount of the Overpayment that has been made and any such Overpayment (together
with interest at the rate provided in Section 1274(b)(2) of the Code) shall be
promptly paid by Executive (to the extent he has received a refund if the
applicable Excise Tax has been paid to the Internal Revenue Service) to or for
the benefit of the Company. Executive shall cooperate, to the extent his
expenses are reimbursed by the Company, with any reasonable requests by the
Company in connection with any contest or disputes with the Internal Revenue
Service in connection with the Excise Tax.
	 
	 	(v)	 	Executive expressly acknowledges and agrees that the Gross-Up
Payment in Paragraph 9(ii) is limited exclusively to Excise Tax
that may come due in connection with Payments to or for the
benefit of Executive as a result of the Transaction, and that
Executive will not be entitled to any Gross-Up Payments as a
result of any change of control that may occur following the
Effective Date.

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

     11. Restrictive Covenants.

     (a) Confidential Information.

	 	(i)	 	Executive acknowledges that the Company and its Affiliates
continually develop Confidential Information, that Executive has
developed and will develop Confidential Information for the
Company or its Affiliates, and that Executive has learned and
will learn of Confidential Information during the course of his
employment. Executive will comply with the policies and
procedures of the Company and its Affiliates for protecting
Confidential Information. Executive shall hold in a fiduciary
capacity for the benefit of the Company all trade secrets and
Confidential Information, knowledge or data relating to the
Company, its Affiliates and their businesses and investments,
which shall have been obtained by Executive during Executive’s
employment by the Company and which is not generally available

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	 	 	 	public knowledge (other than by acts of Executive in violation of this
Agreement or by any other person having an obligation of confidentiality to the
Company or any of its Affiliates). Except as may be required or appropriate in
connection with carrying out his duties under this Agreement, Executive shall
not, without the prior written consent of the Company or as may otherwise be
required by law or any legal process, or as is necessary in connection with any
adversarial proceeding against the Company (in which case Executive shall use
his reasonable best efforts in cooperating with the Company in obtaining a
protective order against disclosure by a court of competent jurisdiction), use,
communicate or divulge any such trade secrets, Confidential Information,
knowledge or data to anyone other than the Company and those designated by the
Company or on behalf of the Company in the furtherance of its business.
Executive understands that this restriction shall continue to apply after his
employment terminates, regardless of the reason for such termination.
	 
	 	 	 	For purposes of this Agreement, “Confidential Information” shall mean any
and all information of the Company and its Affiliates that is not generally
known by those with whom the Company or any of its Affiliates competes or
does business, or with whom the Company or any of its Affiliates plans to
compete or do business, and any and all information, publicly known in
whole or in part or not, which, if disclosed by the Company or any of its
Affiliates, would assist in competition against them. Confidential
Information includes without limitation such information relating to (i)
the development, research, testing, manufacturing, marketing and financial
activities of the Company and its Affiliates, (ii) the costs, sources of
supply, financial performance and strategic plans of the Company and its
Affiliates, (iii) the identity and special needs of the customers of the
Company and its Affiliates and (iv) the people and organizations with whom
the Company and its Affiliates have business relationships and the nature
and substance of those relationships. Confidential Information also
includes any information that the Company or any of its Affiliates has
received, or may receive hereafter, belonging to customers or others with
any understanding, express or implied, that the information would not be
disclosed to others.
	 
	 	 	 	For purposes of this Agreement, “Affiliates” shall mean all persons and
entities directly or indirectly controlling, controlled by or under common
control with the Company, where control may be by management authority,
contract or equity interest. For the avoidance of doubt, Affiliates
includes Holdings.
	 
	 	(ii)	 	All documents, records, tapes and other media of every kind and
description relating to the business, present or otherwise, of
the Company or its Affiliates, and any copies, in whole or in
part,

-12-

 

	 	 	 	thereof (the “Documents”), whether or not prepared by Executive, shall be
the sole and exclusive property of the Company and its Affiliates.
Executive shall safeguard all Documents and shall surrender to the Company
at the time his employment terminates, or at such earlier time or times as
the Board of the Company or Holdings or its designee may specify, all
Documents then in Executive’s possession or control.

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

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

-13-

 

	 	(ii)	 	Non-Competition. For the six months following his termination of
employment with the Company, Executive shall not, directly or
indirectly, whether as owner, partner, investor, consultant, agent,
employee, co-venturer or otherwise, compete with the Company or any
of its Affiliates within the United States or anywhere else in the
world where the Company or any of its Affiliates does business, or
undertake any planning for any business competitive with the Company
or any of its Affiliates. Specifically, but without limiting the
foregoing, Executive agrees not to engage in any manner in any
activity that is directly or indirectly competitive or potentially
competitive with the business of the Company or any of its Affiliates
as conducted or under consideration at any time during Executive’s
employment, and Executive further agrees not to work for or provide
services to, in any capacity, whether as an employee, independent
contractor or otherwise, whether with or without compensation, any
person or entity that is engaged in any business that is competitive
with the business of the Company or any of its Affiliates for which
the Executive has provided services, as conducted or in planning
during his employment. For the purposes of this Section 11, the
business of the Company and its Affiliates shall include the radio
and television businesses, the Outdoor Business and any other
business that was conducted or in planning during the Executive’s
employment. The foregoing, however, shall not prevent Executive’s
direct or beneficial ownership of up to five percent (5%) of the debt
or equity securities of any entity, whether or not in the same or
competing business.

     (c) Assignment of Rights to Intellectual Property.

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

-14-

 

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

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

     (e) Modification of Covenants. The parties hereby acknowledge that the
restrictions in this Section 11 have been specifically negotiated and agreed to by the parties
hereto, and are limited only to those restrictions necessary to protect the Company and its
Affiliates from unfair competition. Executive acknowledges that he has carefully read and
considered all the terms and conditions of this
Agreement, including the restrictions in Section 11 hereof, and agrees without
reservation that each of the restraints contained herein is necessary for the reasonable and
proper protection of the goodwill, trade secrets, Confidential Information and other
legitimate interests of the Company and its Affiliates; and that each and every one of those
restraints is reasonable in respect to subject matter, length of time and geographic area.
Executive acknowledges that the Company operates in major, medium and small-sized markets
throughout the United States and many foreign countries, that the effect of Section 11(b) may
be to prevent him from working in a competitive business after his termination of employment
hereunder, and that these restraints, individually or in the aggregate, will not prevent him
from obtaining other suitable employment during the period in which he is bound by such
restraints. The parties hereby agree that if the scope or enforceability of any provision,
paragraph or subparagraph of this Section 11 is in any way disputed at any time, and should a
court find that such restrictions are overly broad, the court shall modify and enforce the
covenant to permit its enforcement to the maximum extent permitted by law. Each provision,
paragraph and subparagraph of this Section 11 is separable from every other provision,
paragraph, and subparagraph, and constitutes a separate and distinct covenant.

     (f) Remedies. Executive hereby expressly acknowledges that any breach or
threatened breach by Executive of any of the terms set forth in Section 11 of this Agreement
would result in significant, irreparable and continuing injury to the Company, the monetary
value of which would be difficult to establish or measure. Therefore,

-15-

 

Executive agrees that, in addition to any other remedies available to it, the Company shall be
entitled to preliminary and permanent injunctive relief in a court of appropriate jurisdiction
against any breach or threatened breach, without having to post bond, as well as the recovery
of all reasonable attorney’s fees expended in enforcing its rights hereunder, if the Company
is the prevailing party.

     12. Indemnification.

     (a) General. The Company agrees that if Executive is made a party or is
threatened to be made a party to any action, suit or proceeding, whether civil, criminal,
administrative or investigative (a “Proceeding”), by reason of the fact that Executive is or
was a trustee, director or officer of the Company, Holdings, or any subsidiary thereof, or is
or was serving at the request of the Company or any subsidiary as a trustee, director,
officer, member, employee or agent of another corporation or a partnership, joint venture,
trust or other enterprise, including, without limitation, service with respect to employee
benefit plans, whether or not the basis of such Proceeding is alleged action in an official
capacity as a trustee, director, officer, member, employee or agent while serving as a
trustee, director, officer, member, employee or agent, Executive shall be indemnified and held
harmless by the Company to the fullest extent authorized by Texas law, as the same exists or
may hereafter be amended, against all Expenses incurred or suffered by Executive in connection
therewith, and, notwithstanding any provision in this Agreement to the contrary, such
indemnification shall continue as to Executive even if Executive has ceased to be an officer,
director, trustee or agent, or is no longer employed by the Company, and shall inure to the
benefit of his heirs, executors and administrators.

     (b) Expenses. As used in this Agreement, the term “Expenses” shall include,
without limitation, damages, losses, judgments, liabilities, fines, penalties, excise taxes,
settlements, costs, attorneys’ fees, accountants’ fees, and disbursements and costs of
attachment or similar bonds, investigations, and any expenses of establishing a right to
indemnification under this Agreement.

     (c) Enforcement. If a valid claim or request under this Agreement is not paid by
the Company or on its behalf within thirty (30) days after a written claim or request has been
received by the Company, Executive may at any time thereafter bring suit against the Company
to recover the unpaid amount of the claim or request and, if successful in whole or in part,
Executive shall be further entitled to be paid the expenses of prosecuting such suit. All
obligations for indemnification hereunder shall be subject to, and paid in accordance with,
applicable Texas law.

     (d) Partial Indemnification. If Executive is entitled under any provision of this
Agreement to indemnification by the Company for some or a portion of any Expenses, but not,
however, for the total amount thereof, the Company shall nevertheless indemnify Executive for
the portion of such Expenses to which Executive is entitled.

     (e) Advances of Expenses. Expenses incurred by Executive in connection with any
Proceeding shall be paid by the Company in advance upon request of Executive that the Company
pay such Expenses; but, only in the event that Executive shall have delivered in writing to
the Company (i) an undertaking to reimburse the Company for Expenses with respect to which
Executive is not entitled to indemnification and (ii) an affirmation of his good faith belief
that the standard of conduct necessary for indemnification by the Company has been met.

-16-

 

     (f) Notice of Claim. Executive shall give to the Company notice of any claim made
against him for which indemnification will or could be sought under this Agreement. In
addition, Executive shall give the Company such information and cooperation as it may
reasonably require and as shall be within Executive’s power and at such times and places as
are mutually convenient for Executive and the Company.

     (g) Defense of Claim. With respect to any Proceeding as to which Executive
notifies the Company of the commencement thereof:

	 	(i)	 	The Company will be entitled to participate therein at its own expense; and
	 
	 	(ii)	 	Except as otherwise provided below, to the extent that it may
wish, the Company will be entitled to assume the defense
thereof, with counsel reasonably satisfactory to Executive,
which in the Company’s sole discretion may be regular counsel to
the Company and may be counsel to other officers and directors
of the Company or any subsidiary. Executive shall also have the
right to employ his own counsel in such action, suit or
proceeding if he reasonably concludes that failure to do so
would involve a conflict of interest between the Company and
Executive, and, under such circumstances, the fees and expenses
of such counsel shall be at the expense of the Company.
	 
	 	(iii)	 	The Company shall not be liable to indemnify Executive under
this Agreement for any amounts paid in settlement of any action
or claim effected without its written consent. The Company
shall not settle any action or claim in any manner which would
impose any penalty or limitation on Executive without
Executive’s written consent. Neither the Company nor Executive
will unreasonably withhold or delay their consent to any
proposed settlement.

     (h) Non-exclusivity. The right to indemnification and the payment of expenses
incurred in defending a Proceeding in advance of its final disposition conferred in this
Section 12 shall not be exclusive of any other right which Executive may have or hereafter may
acquire under any statute, provision of the declaration of trust or certificate of
incorporation or by-laws of the Company, Holdings or any subsidiary, agreement, vote of
shareholders or disinterested directors or trustees or otherwise.

     13. Arbitration. Except as provided for in Section 11 of this Agreement, if any
contest or dispute arises between the parties with respect to this Agreement, such contest or
dispute shall be submitted to binding arbitration for resolution in San Antonio, Texas in
accordance with the rules and procedures of the Employment Dispute Resolution Rules of the American
Arbitration Association then in effect. The decision of the appointed arbitrator shall be final and
binding on both parties, and any court of competent jurisdiction may enter judgment upon the award.
The losing party shall pay all expenses relating to such arbitration, including, but not limited
to, the prevailing party’s legal fees and expenses.

-17-

 

     14. Successors; Binding Agreement.

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

     (b) Executive’s Successors. No rights or obligations of Executive under this
Agreement may be assigned or transferred by Executive other than his right to payments or
benefits hereunder, which may be transferred only by will or the laws of descent and
distribution. Upon Executive’s death, this Agreement and all rights of Executive hereunder
shall inure to the benefit of and be enforceable by Executive’s beneficiary or beneficiaries,
personal or legal representatives, or estate, to the extent any such person succeeds to
Executive’s interests under this Agreement. Executive shall be entitled to select and change a
beneficiary or beneficiaries to receive any benefit or compensation payable hereunder
following Executive’s death by giving the Company written notice thereof. In the event of
Executive’s death or a judicial determination of his incompetence, reference in this Agreement
to Executive shall be deemed, where appropriate, to refer to his beneficiary(ies), estate or
other legal representative(s). If Executive should die following his Date of Termination while
any amounts would still be payable to him hereunder if he had continued to live, all such
amounts unless otherwise provided herein shall be paid in accordance with the terms of this
Agreement to such person or persons so designated in writing by Executive, or otherwise to his
legal representatives or estate.

     15. Notice. For the purposes of this Agreement, notices, demands and all other
communications provided for in this Agreement shall be in writing and shall be deemed to have been
duly given when delivered either personally or by United States certified or registered mail,
return receipt requested, postage prepaid, addressed as follows:

If to Executive:

Randall T. Mays

200 East Basse Road

San Antonio, Texas 78209

with a copy to:

Schmoyer Reinhard LLP

3619 Paesanos Parkway, Suite 202

San Antonio, Texas 78231

Attn: Shannon B. Schmoyer

-18-

 

If to the Company:

CC Media Holdings, Inc.

200 East Basse Road

San Antonio, Texas 78209

Attention: Secretary

and

Clear Channel Communications, Inc.

200 East Basse Road

San Antonio, Texas 78209

Attention: General Counsel

with a copy to:

Ropes & Gray LLP

One International Place

Boston, MA 02110

Attention: Loretta Richard

or to such other address as any party may have furnished to the other in writing in accordance
herewith, except that notices of change of address shall be effective only upon receipt.

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

     17. Validity. The invalidity or unenforceability of any provision or provisions of
this Agreement shall not affect the validity or enforceability of any other provision of this
Agreement, which shall remain in full force and effect.

     18. Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original but all of which together will constitute one and the same
instrument.

-19-

 

     19. Entire Agreement. This Agreement sets forth the entire agreement of the parties
hereto in respect of the subject matter contained herein, and supersedes all prior agreements,
promises, covenants, arrangements, communications, representations or warranties, whether oral or
written, by any officer, employee or representative of any party hereto in respect of such subject
matter, including but not limited to the Existing Agreement, and excluding only any existing
obligations on the part of Executive with respect to Confidential Information, assignment of
intellectual property, non-competition and the like. Any prior agreement of the parties hereto in
respect of the subject matter contained herein is hereby terminated and cancelled.

     20. Taxes. All payments hereunder shall be subject to any required withholding of
federal, state and local taxes pursuant to any applicable law or regulation. The Company, Holdings,
Sponsor Group and Executive shall each use reasonable best efforts to minimize all taxes that may
be due in connection with any award or payment made pursuant to this Agreement, including in
connection with the Restricted Stock Award; provided, that Executive shall only be required to use
such reasonable best efforts to the extent that Executive will not be economically disadvantaged as
a result of such efforts.

     21. Noncontravention. The Company represents that the Company is not prevented from
entering into or performing this Agreement by the terms of any law, order, rule or regulation, its
by-laws or declaration of trust, or any agreement to which it is a party, other than which would
not have a material adverse effect on the Company’s ability to enter into or perform this
Agreement.

     22. Section Headings. The section headings in this Agreement are for convenience of
reference only, and they form no part of this Agreement and shall not affect its interpretation.

Remainder of page intentionally left blank

-20-

 

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

Clear Channel Communications, Inc.

	 	 	 	 	 
	 	 
	By:  	/s/ Mark P. Mays
 	 
	 	Name:  	Mark P. Mays 	 
	 	Title:  	Chief Executive Officer 	 
	 
	CC Media Holdings, Inc. 

 	 
	By:  	/s/ Mark P. Mays
 	 
	 	Name:  	Mark P. Mays 	 
	 	Title:  	Chief Executive Officer 	 
	 
	 	 
	 	/s/ Randall T. Mays
 	 
	 	Randall T. Mays 	 
	 	 	 
	 

[SIGNATURE PAGE TO RANDALL T. MAYS EMPLOYMENT AGREEMENT]

 

 

EXHIBIT F TO RANDALL T. MAYS AGREEMENT

RELEASE OF CLAIMS

     FOR AND IN CONSIDERATION OF the benefits to be provided me in connection with the termination
of my employment, as set forth in the employment agreement between me, Randall T. Mays
(“Executive”), Clear Channel Communications, Inc. (as successor to BT Triple Crown Merger Co., Inc.
(“MergerSub”, the “Company”), and CC Media Holdings, Inc. (“Holdings”) effective as of December 22,
2009 (the “Agreement”), which are conditioned on my signing this Release of Claims and to which I
am not otherwise entitled, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, I, on my own behalf and on behalf of my heirs,
executors, administrators, beneficiaries, representatives and assigns, and all others connected
with or claiming through me, hereby release and forever discharge the Company, Holdings and all of
their respective subsidiaries and other affiliates, past, present and future officers, directors,
trustees, shareholders, employees, agents, general and limited partners, members, managers, joint
venturers, representatives, successors and assigns, and all others connected with any of them, all
of the foregoing both individually and in their official capacities, from any and all causes of
action, rights or claims of any type or description, known or unknown, which I have had in the
past, now have, or might now have, through the date of my signing of this Release of Claims, in any
way resulting from, arising out of or connected with my employment by the Company or any of its
subsidiaries or other affiliates or the termination of that employment or pursuant to any federal,
state or local law, regulation or other requirement (including without limitation Title VII of the
Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities
Act, and the fair employment practices laws of the state or states in which I have been employed by
the Company or any of its subsidiaries or other affiliates, each as amended from time to time).

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

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

 

 

Claims and to consult with an attorney, if I wished to do so, or to consult with any other person
of my choosing before signing; and that I am signing this Release of Claims voluntarily and with a
full understanding of its terms.

I further acknowledge that, in signing this Release of Claims, I have not relied on any promises or
representations, express or implied, that are not set forth expressly in the Agreement. I
understand that I may revoke this Release of Claims at any time within seven (7) days of the date
of my signing by written notice to the Chairman of the Board of Directors of the Company and that
this Release of Claims will take effect only upon the expiration of such seven-day revocation
period and only if I have not timely revoked it.

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

	 	 	 	 	 	 
	Signature:  	 	 	 
	 	 
	Name (please print): 	
 	 
	 	 	 
	Date Signed:	 	 

 

 

EXHIBIT G TO RANDALL T. MAYS AGREEMENT

RELEASE OF CLAIMS

     FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby
acknowledged, and as required by the agreement between Randall T. Mays (“Executive”), Clear
Channel Communications, Inc. (as successor to BT Triple Crown Merger Co., Inc. (“MergerSub”, the
“Company”), and CC Media Holdings, Inc. (“Holdings”) effective as of December 22 2009, the Company,
and Holdings, , on their own behalf and on behalf of their predecessors, affiliates and successors,
and each of their past, present, and future officers, directors, employees, representatives,
attorneys, insurers, agents and assigns, individually and in their official capacities, hereby
release and forever discharge Randall T. Mays from any and all causes of action, rights or claims
of any type or description, known or unknown, which they have had in the past, now have, or might
now have, through the date of signing of this Release of Claims, in any way resulting from, arising
out of or connected with Executive’s employment by the Company or any of its subsidiaries or other
affiliates or the termination of that employment or pursuant to any federal, state or local law,
regulation or other requirements, including without limitation those arising under common law.

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

1

 

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

	 	 	 	 	 
	Clear Channel Communications, Inc.

 	 
	By:	 	 	 
	 	 	 	 	 
	 	 	
 	 
	 	 	Name:  	 	 
	 	 	Title:  
	 
	 
	CC Media Holdings, Inc.

 	 	 
	By:  	 	 
	 	 	
 	 	 
	 	 	Name:  	 	 
	 	 	Title:

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