Document:

exv10w1

 

Exhibit 10.1

SECOND AMENDMENT TO EMPLOYMENT AGREEMENT

     WHEREAS Clear Channel Communications, Inc. (hereinafter referred to as “Company”) and L. Lowry
Mays (hereinafter referred to as “Executive”) entered into an Employment Agreement dated as of
October 1, 1999; and

     WHEREAS, the Company and the Executive entered into an Amended and Restated Employment
Agreement dated as of March 10, 2005 (hereinafter referred to as
the “2005 Agreement”); and

     WHEREAS, in reference to the transaction contemplated by the Agreement and Plan of Merger
between BT Triple Crown Merger Co., Inc., B Triple Crown Finco, LLC, T Triple Crown Finco, LLC and
the Company, dated November 16, 2006 (the “Merger Agreement”), the Company and the Executive desire
to amend the above-referenced 2005 Agreement;

     NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged by the parties hereto, the parties enter into this Second Amendment to
Employment Agreement (“Second Amendment”).

     The Effective Date of this Second Amendment is November 16, 2006.

     As of the Effective Date of this Second Amendment, all rights and obligations of the parties
with respect to the contents hereof shall be set forth in this Second Amendment and the 2005
Agreement, as amended hereby. The 2005 Agreement is not superseded except to the extent modified
by this Second Amendment.

	1.	 	Section 6(d)(viii) of the 2005 Agreement is deleted in its entirety and replaced as follows:

(viii) a Change in Control of the Company; provided however, notwithstanding anything to the
contrary in the 2005 Agreement, the parties hereby agree that neither the transaction
contemplated by the Merger Agreement nor the closing of any “Superior Proposal” in which a
Company Termination Fee would be required to be paid by the Company under the Merger
Agreement (an “Alternative Transaction”) shall be considered a “Change of Control” for
purposes of this Section 6(d)(viii). The terms “Superior Proposal” and “Company Termination
Fee” shall have the meanings ascribed to them in the Merger Agreement.

	2.	 	Effective immediately prior to the closing of the Merger or an Alternative Transaction,
without any further action of the parties hereto:

(a) Section 8(a)(i) of the 2005 Agreement is deleted in its entirety and replaced as
follows:

     (i) within five (5) days following such termination, the Company shall pay to
Executive his Base Salary, Bonus and accrued vacation pay through the Date of Termination,
as soon as practicable following the Date of Termination; and

(b) Sections 8(a)(v) and 8(a)(vi) of the 2005 Agreement are deleted in their entirety.

(c) Section 8(a)(vii) is hereby corrected by deleting the reference to Section 8(a)(vi)
contained therein and replacing it with section 8(a)(vii).

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(d) Section 8(c)(i) of the 2005 Agreement is deleted in its entirety and replaced as follows:

     (i) the Company shall provide to Executive (A) his Base Salary, Bonus and accrued
vacation pay through the Date of Termination, as soon as practicable following the Date of
Termination, and (B) Continued Benefits for seven (7) years; and

	3.	 	This Second Amendment represents the complete and total understanding of the parties with
respect to the content hereof, and cannot be modified or altered except if done so in writing,
executed by both parties.
	 
	4.	 	This Second Amendment shall in no way modify, alter, change or otherwise delete any provision
of the 2005 Agreement unless specifically done so by the terms of this Second Amendment, and
all the remaining provisions of the 2005 Agreement shall remain in full force and effect.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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     IN WITNESS WHEREOF, the parties have duly executed and delivered this Second Amendment as of
the date written below.

	 	 	 	 	 
	 	 	 
	DATE: November 16, 2006 	/s/ L. Lowry Mays
 	 
	 	L. LOWRY MAYS 	 
	 	 	 
	 
	 	CLEAR CHANNEL COMMUNICATIONS, INC.

 	 
	DATE: November 16, 2006 	By:  	/s/ Andy Levin
 	 
	 	Name  Andy Levin 	 
	 	Title    Executive Vice President

            and Chief Legal Officer 	 

3exv10w2

 

	 	 	 	 	 

Exhibit 10.2

SECOND AMENDMENT TO EMPLOYMENT AGREEMENT

     WHEREAS Clear Channel Communications, Inc. (hereinafter referred to as “Company”) and Mark
Mays (hereinafter referred to as “Executive”) entered into an Employment Agreement dated as of
October 1, 1999; and

     WHEREAS, the Company and the Executive entered into an Amended and Restated Employment
Agreement dated as of March 10, 2005 (hereinafter referred to as the “2005 Agreement”); and

     WHEREAS, in reference to the transaction contemplated by the Agreement and Plan of Merger
between BT Triple Crown Merger Co., Inc., B Triple Crown Finco, LLC, T Triple Crown Finco, LLC and
the Company, dated November 16, 2006 (the “Merger Agreement”), the Company and the Executive desire
to amend the above-referenced 2005 Agreement;

     NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged by the parties hereto, the parties enter into this Second Amendment to the 2005
Agreement (“Second Amendment”).

     The effective date of this Second Amendment is November 16, 2006.

     As of the effective date of this Second Amendment, all rights and obligations of the parties
with respect to the contents hereof shall be set forth in this Second Amendment and the 2005
Agreement, as amended hereby. The 2005 Agreement is not superseded except to the extent modified
by this Second Amendment.

	1.	 	Section 1 of the 2005 Agreement is deleted in its entirety and replaced as follows:

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

	2.	 	Section 3 of the 2005 Agreement is revised only as follows: the phrase “President and Chief
Executive Officer” is deleted and replaced with “Chief Executive Officer and Chief Operating
Officer.” All other aspects of this Section 3 shall remain unchanged.
	 
	3.	 	Section 6(d)(viii) of the 2005 Agreement is deleted in its entirety and replaced as follows:

(viii) a Change in Control of the Company; provided however, notwithstanding anything to
the contrary in the this Agreement, the parties hereby agree that neither the transaction
contemplated by the Agreement and Plan of Merger between BT Triple Crown Merger Co., Inc., B
Triple Crown Finco, LLC, T Triple Crown Finco, LLC and the Company, dated November 16, 2006
(the “Merger Agreement”) nor the closing of any “Superior Proposal” in which a Company
Termination Fee would be required to be paid by the Company under the Merger Agreement (an
“Alternative Transaction”) shall be considered a “Change of Control” for purposes of this
Section 6(d)(viii). The terms “Superior Proposal” and “Company Termination Fee” shall have
the meanings ascribed to them in the Merger Agreement.

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	4.	 	Effective immediately prior to the closing of the Merger or an Alternative Transaction,
without any further action of the parties hereto:

	 	(a)	 	Section 8(a)(i) of the 2005 Agreement is deleted in its entirety and replaced
as follows:

(i) within five (5) days following such termination, the Company shall pay to Executive (A)
his Base Salary, Bonus and accrued vacation pay through the Date of Termination, as soon as
practicable following the Date of Termination, and (B) a lump-sum cash payment equal to 2.99
times (the “Severance Multiple”) the sum of Executive’s Base Salary and highest Bonus paid
to Executive in the three year period preceding such termination (including, for this
purpose, any and all bonuses paid to Executive prior to November 16, 2006); provided, that,
for purposes of this Section 8(a)(i), Executive’s Bonus shall be deemed to be no less than
$1,000,000; and

	 	(b)	 	Section 8(a)(ii) of the 2005 Agreement is deleted in its entirety and replaced
as follows:

(ii) the Company shall maintain in full force and effect for the continued benefit of
Executive, his spouse and his dependents for a period of three (3) years following the Date
of Termination the medical, hospitalization, dental, and life insurance programs in which
Executive, his spouse 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,
his spouse or his dependents cannot continue to participate in the Company programs
providing such benefits, the Company shall arrange to provide Executive, his spouse and his
dependents with the economic equivalent of such benefits which they otherwise would have
been entitled to receive under such plans and programs (“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 (such coverage and
benefits to be determined on a coverage-by-coverage or benefit-by-benefit, basis); and

	 	(c)	 	Section 8(a)(v) and 8(a)(vi) of the 2005 Agreement are deleted in their
entirety.
	 
	 	(d)	 	Section 8(a)(vii) is hereby corrected by deleting the reference to Section
8(a)(vi) contained therein and replacing it with Section 8(a)(vii).
	 
	 	(e)	 	Section 8(a)(viii) of the 2005 Agreement is deleted in its entirety and
replaced as follows:

(viii) Executive shall be paid a lump sum payment equal to the amount of compensation or
contributions (as the case may be) by the Company that Executive would have been entitled to
receive (assuming he would have received the maximum amount payable or contributable under
each plan or arrangement for any year) under any plan or arrangement he was then
participating (or entitled to participate in under 5(e) of the Agreement) for a three (3)
year period following the Date of Termination; and

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	 	(f)	 	Section 8(a)(x) of the 2005 Agreement is deleted in its entirety.
	 
	 	(g)	 	Section 8(c)(i) of the 2005 Agreement is deleted in its entirety and replaced
as follows:

(i) the Company shall pay to Executive (A) his Base Salary, Bonus and accrued vacation pay
through the Date of Termination, as soon as practicable following the Date of Termination,
and (B) continued Base Salary (as provided for in Section 5(a)) and Continued Benefits for
three (3) years; and

	 	(h)	 	Section 8(c)(iv) of the 2005 Agreement is deleted in its entirety and replaced
as follows:

(iv) Executive shall be paid the amount of compensation or contributions (as the case may
be) by the Company that Executive would have been entitled to receive (assuming he would
have received the maximum amount payable or contributable under each plan or arrangement for
any year) under any plan or arrangement he was then participating (or entitled to
participate in under 5(e) of the Agreement) for a three (3) year period following the Date
of Termination.

	 	(i)	 	Section 8(d)(i) of the 2005 Agreement is deleted in its entirety and replaced
as follows:

(i) the Company shall pay in a lump sum to Executive’s beneficiary, legal representatives or
estate, as the case may be, Executive’s Base Salary, Bonus and accrued vacation pay through
the Date of Termination and $1,000,000 (which may be paid through insurance) and shall
provide Executive’s spouse and dependents with Continued Benefits for three (3) years; and

	 	(j)	 	Section 8(d) (iv) of the 2005 Agreement is deleted in its entirety and replaced
as follows:

(iv) Executive’s beneficiary, legal representatives or estate, as the case may be, shall be
paid the amount of compensation or contributions (as the case may be) by the Company that
Executive would have been entitled to receive (assuming he would have received the maximum
amount payable or contributable under each plan or arrangement for any year) under any plan
or arrangement he was then participating (or entitled to participate in under 5(e) of the
Agreement) for a three (3) year period following the Date of Termination.

	5.	 	This Second Amendment represents the complete and total understanding of the parties with
respect to the content hereof, and cannot be modified or altered except if done so in writing,
executed by both parties.
	 
	6.	 	This Second Amendment shall in no way modify, alter, change or otherwise delete any provision
of the 2005 Agreement unless specifically done so by the terms of this Second Amendment, and
all the remaining provisions of the 2005 Agreement shall remain in full force and effect.

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     IN WITNESS WHEREOF, the parties have duly executed and delivered this Second Amendment as of
the date written below.

	 	 	 	 	 
	 	 	 
	DATE: November 16, 2006 	/s/ Mark Mays
 	 
	 	MARK MAYS 	 
	 	 	 
	 
	 	CLEAR CHANNEL COMMUNICATIONS, INC.

 	 
	DATE: November 16, 2006 	By:  	/s/ Andy Levin
 	 
	 	Name  Andy Levin 	 
	 	Title    Executive Vice President

            and Chief Legal Officer 	 
	 

PREPARED BY: jct/mbs

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