Document:

<PAGE>
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                                                                               .
                                                                               .

                                                                    EXHIBIT 10.2

                                                                 [HYPERION LOGO]

                         EXECUTIVE EMPLOYMENT AGREEMENT

<TABLE>
<CAPTION>
EMPLOYEE NAME:            EFFECTIVE DATE:          OFFER LETTER DATE (if any):
<S>                       <C>                      <C>
Godfrey Sullivan          July 21, 2004                        None
</TABLE>

--------------------------------------------------------------------------------

POSITION (title):                                   SUPERVISOR (title):
President and Chief Executive Officer               Board of Directors

--------------------------------------------------------------------------------

EMPLOYMENT (briefly describe nature of position):
Responsible to the Board of Directors for all aspects of the Company.
--------------------------------------------------------------------------------

BASE SALARY:                                         BONUS PERCENTAGE:
 Five hundred thousand dollars ($500,000.00)         Ninety percent (90%), with
                                                     a maximum opportunity
                                                     bonus of two times the
                                                     targeted amount
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
INITIAL TERM:             RENEWAL PERIOD:                  CONTINUATION PERIOD:
<S>                       <C>                              <C>
Twelve (12) months        Twelve (12) months               Twelve (12) months
</TABLE>

--------------------------------------------------------------------------------

ADDITIONAL BENEFITS (if any):

1.    Four (4) weeks of vacation per year, provided that no more than two (2)
weeks of vacation shall continue to accrue into subsequent years.

2.    Reimbursement for the reasonable and customary cost of an annual physical
examination.

3.    The Company will provide to the Employee certain reasonable financial
planning and income tax services, as follows. The financial planning and tax
firm(s) of your choice will prepare and sign the Employee's individual income
tax returns and provide the Employee with estimated tax calculations. In
addition, the tax professionals will provide the Employee with income tax
projections to help Employee develop his or her personal financial goals and
strategies, including planning for the exercise and/or sale of option stock.
--------------------------------------------------------------------------------

ADDITIONAL TERMS (if any):

None
--------------------------------------------------------------------------------

THIS EXECUTIVE EMPLOYMENT AGREEMENT ("Agreement") is entered into as of the
effective date ("Effective Date") specified above, by and between Hyperion
Solutions Corporation, with offices currently at 1344 Crossman Avenue,
Sunnyvale, California 94089 ("Hyperion") and the executive employee ("Employee")
specified above.

1.    DUTIES AND SCOPE OF EMPLOYMENT

a.    Subject to the terms of this Agreement, Hyperion agrees to employ Employee
in the position ("Position") specified in above, to perform the duties of the
Position ("Employment") specified above, or such duties as Hyperion subsequently
may assign to Employee. Employee shall report to the supervisor ("Supervisor")
specified above.

b.    During the term of Employee's Employment, Employee shall devote Employee's
full business efforts and time to Hyperion. Additionally, during the term of
Employee's Employment, without the prior written approval of Hyperion (which
shall not be unreasonably withheld), Employee shall not render services in any
capacity to any other person or entity, and shall not act as a sole proprietor,
partner or managing member of any other entity, or as a shareholder owning more
than one percent (1%) of the stock of any other corporation or entity. The
foregoing, however, shall not preclude Employee from

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                                                                     Page 1 of 8
<PAGE>

engaging in reasonable community, school or charitable activities, or other
activity as approved by the Compensation Committee of the Board of Directors.

c.    Employee shall comply with Hyperion's policies and rules, as they may be
in effect from time to time, during the term of Employee's Employment.

d.    Employee represents and warrants to Hyperion, to the best of Employee's
knowledge and belief, that Employee is under no obligation or commitment,
whether contractual or otherwise, that is inconsistent with Employee's
obligations under this Agreement. Employee represents and warrants to Hyperion,
to the best of Employee's knowledge and belief, that Employee's Employment with
Hyperion will not require the use, or disclosure, of any trade secrets or other
proprietary information or intellectual property in which Employee, or any other
person, has any right, title or interest, and that Employee's Employment by
Hyperion, as contemplated by this Agreement, will not infringe or violate the
rights of any other person or entity. Employee represents and warrants to
Hyperion, to the best of Employee's knowledge and belief, that Employee has
returned all property and confidential information belonging to any prior
employer.

2.    COMPENSATION

a.    Hyperion shall pay Employee, as compensation for Employee's services, a
base salary at a gross annual rate of not less than the base salary ("Base
Salary") specified above. Such Base Salary shall be payable in accordance with
Hyperion's standard payroll procedures. The Base Salary, together with any
increases in such compensation that Hyperion may grant from time to time, shall
be referred to as the base compensation ("Base Compensation").

b.    As described in the offer letter with the date ("Offer Letter Date")
specified above, Employee shall be eligible to receive an annual incentive bonus
("Incentive Bonus") with a target amount equal to the bonus percentage ("Bonus
Percentage") specified above, of Employee's Base Compensation. Such bonus (if
any) shall be awarded based on objective or subjective criteria established in
advance by Hyperion's board of directors or its compensation committee. The
determinations of the board or such committee with respect to such bonus shall
be final and binding.

c.    During the term of Employee's Employment, Employee shall be eligible to
participate in any employee benefit plans maintained by Hyperion for similarly
situated employees, subject in each case to the generally applicable terms and
conditions of the plan in question, and to the determinations of any person or
committee administering such plan. In addition to the foregoing benefits,
Employee shall be entitled to the additional benefits ("Additional Benefits")
specified above, if any.

d.    During the term of Employee's Employment, Employee shall be authorized to
incur necessary and reasonable travel, entertainment and other business expenses
in connection with Employee's duties hereunder. Hyperion shall reimburse
Employee for such expenses upon presentation of an itemized account and
appropriate supporting documentation, all in accordance with Hyperion's
generally applicable policies. Any single travel or entertainment expenditure in
excess of ten thousand dollars ($10,000.00) shall require the prior approval of
Hyperion's Chief Financial Officer.

3.    TERM OF EMPLOYMENT

a.    This Agreement shall be for the initial term ("Initial Term") specified
above. Thereafter, this Agreement shall automatically be renewed for successive
renewal periods ("Renewal Period") as specified above, unless either party has
given the other party written notice of non-renewal not less than ninety (90)
days prior to the end of the Initial Term, or Renewal Period then in effect.

b.    Hyperion agrees to continue Employee's Employment, and Employee agrees to
remain in Employment with Hyperion, from the Effective Date until the earlier of
the Initial Term Date or Renewal Period, or the date when Employee's Employment
terminates according to section 4, below.

4.    TERMINATION

a.    Employee may terminate Employee's Employment at any time and for any
reason (or no reason) by giving Hyperion thirty (30) days advance written
notice. Hyperion may terminate Employee's Employment at any time and for any
reason (or no reason), and with or without cause, by giving Employee thirty (30)
days advance written notice.

b.    Hyperion may also terminate Employee's Employment due to Employee's
permanent disability, by giving Employee notice in writing. Permanent disability
shall mean that Employee, at the time notice is given, has failed to perform
Employee's duties under this Agreement for sixty (60), or more consecutive days,
or for ninety (90), or more days, during any twelve (12) month period, as the
result of Employee's incapacity due to physical or mental injury, disability or
illness, and which Hyperion is unable to accommodate reasonably without undue
hardship. Employee's Employment shall terminate automatically in the event of
Employee's death.

c.    Unless otherwise provided for herein, upon the termination of Employee's
Employment pursuant to this section, Employee shall only be entitled to the
compensation, benefits and reimbursements described in section 2 for the period
preceding the effective date of the termination. The bonus under section 2 shall
be payable on a prorated basis for the year in which Employee's Employment
terminates. The payments under this Agreement shall fully discharge all
responsibilities of

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                                                                     Page 2 of 8
<PAGE>

Hyperion to Employee. The termination of this Agreement shall not limit or
otherwise affect Employee's obligations under section 5.

d.    Any other provision of this Agreement notwithstanding, subsections e and
f, below, shall not apply unless Employee has executed a general release (in a
form prescribed by Hyperion, such as the current Termination Release Agreement
available from the Hyperion legal department) of all known and unknown claims
that Employee may then have against Hyperion or persons affiliated with
Hyperion. Such release shall include, among other things, an agreement not to
prosecute any legal action or other proceeding based upon any of such claims.
Employee acknowledges that such release may provide that in the event of a
breach by Employee of the terms of the release, or of Employee's obligations
under section 5 hereof, Hyperion shall be entitled to recover from Employee all
amounts paid under subsections e and f of this section, as well as all
litigation costs (including attorneys' fees and expenses) incurred by Hyperion
in connection with such breach.

e.    If Hyperion does not renew this Agreement, or terminates Employee's
Employment for any reason other than permanent disability or cause (as defined
below), or if Hyperion was subject to a change in ownership and/or control (as
defined below) during the term of this Agreement and, within twelve (12) months
thereafter, Employee resigns for good reason, as defined below, then, for the
continuation period ("Continuation Period") specified above, following
Employee's termination, Hyperion shall pay Employee Employee's Base
Compensation, at the rate in effect at the time of the termination of Employment
in accordance with Hyperion's standard payroll procedures, and continue the
coverage of Employee, and Employee's dependents (if applicable), under the
health benefit plans in effect at the time of the termination. To the extent
that such plans or the insurance contracts or provider agreements associated
with such plans do not permit the extension of Employee's coverage following the
termination of Employee's active employment, Hyperion shall pay Employee cash in
an amount equal to the cost to Hyperion of the coverage that cannot be provided.
If Employee elects to continue Employee's health insurance coverage under the
Consolidated Omnibus Budget Reconciliation Act ("COBRA"), following Employee's
termination, then the date of the "qualifying event" for purposes of COBRA shall
be Employee's last day of active employment. If Hyperion does not renew this
Agreement, or terminates Employee's Employment for any reason other than cause
(as defined below), then any of Employee's unvested Hyperion stock options which
would have vested within one (1) year of Employee's termination date, shall vest
upon that termination date, however, if Employee is terminated for cause (as
defined below), Hyperion may, in its sole discretion, vest some or all of
Employee's unvested stock options which would have vested within one (1) year of
Employee's termination date.

f.    Termination for cause means:

      i.    Employee's failure to perform, in a satisfactory fashion, one or
      more reasonable and lawful duties assigned to Employee by Hyperion under
      this Agreement, if such failure continues for seven (7) days or more after
      Hyperion has given Employee written notice describing such failure and
      advising Employee of the consequences of such failure under this
      Agreement, provided that such notice shall be required only with respect
      to the first such failure;

      ii.   Employee's misconduct relating to Hyperion's affairs, if such
      misconduct continues for seven (7) days or more after Hyperion has given
      Employee written notice describing such misconduct and advising Employee
      of the consequences of such misconduct under this Agreement, provided that
      such notice shall be required only with respect to the first occurrence of
      such misconduct, provided further there shall be no requirement that the
      misconduct continue for seven (7) days or more with respect to acts for
      which an employee's employment is specifically terminable under Hyperion's
      policies and procedures applicable to all employees;

      iii.  Employee's conviction of, or a plea of guilty or no contest to, a
      felony, or a misdemeanor which calls into question Employee's honesty,
      under the laws of any country, including the United States, or any state
      thereof;

      iv.   any breach of this Agreement, the employee agreement, relating to
      confidential information and intellectual property rights, between
      Employee and Hyperion, or any other agreement between Employee and
      Hyperion;

      v.    threats or acts, of violence or harassment, directed at any present,
      former or prospective employee, independent contractor, vendor, customer
      or business partner of Hyperion; or

      vi.   fraud or embezzlement involving the assets of Hyperion or its
      affiliates, customers or suppliers.

The foregoing shall not be deemed an exclusive list of all acts or omissions
that Hyperion may consider as grounds for the termination of Employee's
Employment with cause. Termination for cause hereunder shall be deemed to be
termination for misconduct under Hyperion's stock option plans and related
agreements.

g.    A change in ownership and/or control means:

      i.    a change in ownership or control of Hyperion effected through either
      of the following actions:

            1/    the acquisition, directly or indirectly, by any person or
            related group of persons (other than Hyperion, or a person that
            directly or indirectly controls, is controlled by, or is under
            common control with, Hyperion), of beneficial ownership (within the
            meaning of Rule 13d-3 of the 1934 Act) of securities possessing more
            than fifty percent (50%) of the total combined voting power of
            Hyperion's outstanding securities pursuant to a tender or exchange
            offer made directly to Hyperion's stockholders which the Hyperion
            board of directors does not recommend such stockholders to accept;
            or

Executive Employment Agreement (v.10.0 7/04) - Hyperion Confidential

                                                                     Page 3 of 8
<PAGE>

            2/    a change in the composition of the board over a period of
            thirty-six (36) consecutive months, or less, such that a majority of
            board members ceases, by reason of one or more contested elections
            for board membership, to be comprised of individuals who either have
            been board members continuously since the beginning of such period,
            or have been elected or nominated for election as board members
            during such period by at least a majority of the board members who
            were still in office at the time the board approved such election or
            nomination; or

      ii.   either of the following stockholder-approved transactions to which
      Hyperion is a party:

            1/    a merger or consolidation in which securities possessing more
            than fifty percent (50%) of the total combined voting power of
            Hyperion's outstanding securities are transferred to a person, or
            persons or entity different from the persons or entities holding
            those securities immediately prior to such transaction; or

            2/    the sale, transfer or other disposition of all or
            substantially all of Hyperion's assets in complete liquidation or
            dissolution of Hyperion.

h.    Good reason means:

      i.    a change in Employee's position with Hyperion which materially
      reduces Employee's level of responsibility in effect immediately prior to
      the change of ownership and/or control;

      ii.   a reduction in Employee's level of compensation (including Base
      Salary, benefits and participation in corporate-performance based bonus or
      incentive programs) in effect immediately prior to the change of ownership
      and/or control by more than fifteen percent (15%);

      iii.  a relocation of Employee's place of employment prior to the change
      of ownership and/or control by more than fifty (50) miles; or

      iv.   a change in the Employee's reporting relationship, resulting in
      reporting to anyone other than the applicable current company's Board of
      Directors,

provided and only if such change, reduction or relocation is effected by
Hyperion without Employee's consent.

5.    EMPLOYEE'S COVENANTS

a.    From the Effective Date of this Agreement and continuing until the second
(2nd) anniversary of Employee's termination, Employee shall not interfere with
the business of Hyperion by, directly or indirectly, personally or through
others, soliciting or attempting to solicit, on Employee's own behalf or on
behalf of any other person or entity, the employment of any employee of
Hyperion, or any of Hyperion's affiliates. During this period, Employee shall
not encourage or induce, or take any action that has the effect of encouraging
or inducing, any employee of Hyperion, or any of Hyperion's corporate
affiliates, to terminate that employee's employment.

b.    For a period of one (1) year following Employee's termination, Employee
shall not hire, or assist any other person in hiring, any person who was an
employee of Hyperion on the date of Employee's termination, to work at
Employee's new place of employment in a position that reports either directly to
Employee, or to any other person who reports directly to Employee.

c.    The parties agree that information relating to the identities, key contact
personnel, preferences, needs and circumstances of Hyperion's customers are
trade secrets belonging to Hyperion that are, and necessarily will be, used by
Employee, during Employee's Employment, in the solicitation of business from
Hyperion's customers. As a result, from the Effective Date of this Agreement and
continuing until the second (2nd) anniversary of Employee's termination,
Employee shall not, directly or indirectly, personally or through others,
solicit, or attempt to solicit (on Employee's own behalf or on behalf of any
other person or entity), the business of any customer, or prospective customer,
of Hyperion, or of any of Hyperion's affiliates, for services or products
similar to those sold by Hyperion. Prospective customer means any person or
entity whom Employee was involved in contacting or soliciting to become a
customer during the six (6) month period prior to Employee's termination.

d.    Employee has entered into an employee agreement, relating to confidential
information and intellectual property rights, with Hyperion, which is
incorporated herein by reference, and survives the termination or expiration of
this Agreement. Given the nature of Employee's Position, the parties agree that
from Employee's termination until the third (3rd) anniversary of such date, it
would be practically impossible for Employee to work in a position similar to
Employee's Position with Hyperion, doing similar tasks involved with Employee's
Employment with Hyperion, for certain companies, including their subsidiaries
and affiliates, that provide services or products that are similar to those of
Hyperion, without disclosing Hyperion's trade secrets. A list of such companies,
which may be amended from time to time by written notice of Hyperion, is
attached hereto as Schedule A.

e.    The state of California has certain statutory and common law restrictions
on non-competition agreements between employers and employees, and it is not the
intent of Hyperion to violate or circumvent those restrictions. However, to the
extent that Employee resides and Employee's principal place of employment is
outside of the state of California, then during the period from the Effective
Date of this Agreement and continuing until the second (2nd) anniversary of
Employee's

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                                                                     Page 4 of 8
<PAGE>

termination, Employee shall not, directly or indirectly (other than on behalf of
Hyperion or with Hyperion's prior written consent), engage in any competitive
business activity, as defined below, in any of the locations listed in Schedule
B, attached hereto. If conditions of subsection 4.e apply, the foregoing two (2)
year period shall be reduced to one (1) year. Competitive business activity
means:

      i.    engaging in, or managing or directing persons engaged in, any
      business in which Hyperion, or any of Hyperion's affiliates, is engaged at
      the time of Employee's termination, whether independently or as an
      employee, agent, consultant, advisor, independent contractor, proprietor,
      partner, officer, director or otherwise; or

      ii.   acquiring, having an ownership interest in, participating in the
      financing, operation, management or control of, any entity that derives
      more than fifteen percent (15%) of its gross revenues from any business in
      which Hyperion, or any of Hyperion's affiliates, is engaged at the time of
      Employee's termination, except for the ownership of one percent (1%), or
      less, of any entity whose securities are freely tradable on an established
      market.

f.    Commencing on Employee's termination and continuing thereafter, Employee
shall not directly or indirectly, personally or through others, disparage
Hyperion, or any of its predecessors, any of their products or services, any of
Hyperion's current or former officers, directors or employees, nor make or
solicit any comments, statements, or the like to the media, on the internet, or
to others that may be considered derogatory or detrimental to the good name or
business reputation of any of the foregoing parties and entities.

g.    Employee acknowledges and agrees that Employee's failure to perform any of
Employee's covenants in this section would cause irreparable injury to Hyperion,
and cause damages to Hyperion that would be difficult or impossible to ascertain
or quantify. Accordingly, without limiting any other remedies that may be
available with respect to any breach of this Agreement, Employee consents to the
entry of an injunction (without bond) to restrain any breach of this section.

h.    The covenants in this section shall survive any termination or expiration
of this Agreement, and the termination of Employee's Employment with Hyperion,
for any reason.

6.    GENERAL

a.    Hyperion may assign its rights under this Agreement to any entity that
assumes Hyperion's obligations hereunder in connection with any sale or transfer
of all or a substantial portion of Hyperion's assets to such entity, and such an
assignment shall be binding upon any successor (whether direct or indirect and
whether by purchase, lease, merger, consolidation, liquidation or otherwise) to
all or substantially all of Hyperion's business and/or assets. This Agreement
and all rights and obligations of Employee hereunder are personal to Employee
and may not be transferred or assigned by Employee at any time. However, subject
to the forgoing and where expressly permitted under this Agreement, all rights
of Employee hereunder shall inure to the benefit of, and be enforceable by,
Employee's personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees.

b.    The validity, performance and construction of this Agreement shall be
governed by the laws of the State of California, USA (excluding its conflict of
laws provisions). Santa Clara County, California shall be the appropriate venue
and jurisdiction for the resolution of disputes hereunder.

c.    All notices or communications to be given under this Agreement shall be in
writing and shall be deemed delivered upon hand delivery, upon delivery by a
courier service, upon acknowledged facsimile communication, or three (3) days
after deposit in the United States mail, postage prepaid, by certified,
registered or first class mail. In the case of Employee, notices shall be
addressed to Employee at the home address provided by Employee, or which
Employee most recently communicated to Hyperion in writing, and in the case of
Hyperion, notices shall be addressed to its corporate headquarters and directed
to the attention of the general counsel.

d.    All payments made under this Agreement shall be subject to reduction to
reflect taxes or other charges required to be withheld by law.

e.    In the event that any provision of this Agreement is prohibited by any law
governing its construction, performance or enforcement, such provision shall be
ineffective to the extent of such prohibition without invalidating thereby any
of the remaining provisions of the Agreement. The captions of sections herein
are intended for convenience only, and the same shall not be interpretive of the
content of such section.

f.    In the event of any dispute or claim relating to or arising out of
Employee's employment relationship with Hyperion, this Agreement, or the
termination of Employee's employment with Hyperion, for any reason (including,
but not limited to, any claims of breach of contract, wrongful termination or
age, sex, race, national origin, disability or other discrimination or
harassment), the parties agree that all such disputes shall be fully, finally
and exclusively resolved by binding arbitration to the fullest extent permitted
by law. The arbitration will be conducted in accordance with the American
Arbitration Association's "National Rules for the Resolution of Employment
Disputes" then in effect. EMPLOYEE AND HYPERION HEREBY WAIVE THEIR RESPECTIVE
RIGHTS TO HAVE ANY AND ALL DISPUTES OR CLAIMS ADJUDICATED IN COURT OR BEFORE ANY
ADMINISTRATIVE AGENCY, OR TRIED IN COURT OR BEFORE ANY ADMINISTRATIVE AGENCY,
JUDGE OR JURY.

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                                                                     Page 5 of 8
<PAGE>

g.    The terms and conditions of this Agreement may not be superseded,
modified, or amended except in writing which states that it is such a
modification, signed by Employee and an authorized officer of Hyperion (other
than Employee). No waiver by either party of any breach of, or of compliance
with, any condition or provision of this Agreement by the other party shall be
considered a waiver of any other condition or provision or of the same condition
or provision at another time.

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

i.    This Agreement, the Exhibit, any additional terms ("Additional Terms")
specified in the Exhibit, Schedules A and B, the employee agreement (relating to
confidential information and intellectual property rights), and the offer letter
with the Offer Letter Date, constitute the entire agreement between the parties
as to the subject matter hereof, and supersede and replace all prior or
contemporaneous agreements, written or oral, regarding such subject matter. In
the event of any conflict between the terms of these documents, the terms of
this Agreement, unless expressly provided herein, shall have precedence.

ACCEPTED AND AGREED:

HYPERION SOLUTIONS CORPORATION                          EMPLOYEE

By:  /s/ Henry R. Autry                                 /s/ Godfrey Sullivan
     ----------------------------------                 -----------------------
signature of authorized representative                  signature

Henry R. Autry                                          Godfrey Sullivan
---------------------------------------                 -----------------------
printed name                                            printed name

Director
---------------------------------------
title

Executive Employment Agreement (v.10.0 7/04) - Hyperion Confidential

                                                                     Page 6 of 8
<PAGE>

                                                                 [HYPERION LOGO]

                         EXECUTIVE EMPLOYMENT AGREEMENT
                                   SCHEDULE A

Business Objects SA
Cognos, Inc.
Microsoft Corporation, Server Division
MicroStrategy Inc.
PeopleSoft, Inc.
SAP AG
Oracle Corporation, Applications Division
GEAC
Longview
Outlooksoft Corporation
Cartesis
SAS Institute Inc., Applications Division

Executive Employment Agreement (v.10.0 7/04) - Hyperion Confidential

                                                                     Page 7 of 8
<PAGE>

                                                                 [HYPERION LOGO]

                         EXECUTIVE EMPLOYMENT AGREEMENT
                                   SCHEDULE B

<TABLE>
<S>                          <C>
Alabama                      North Carolina
Alaska                       North Dakota
Arizona                      Ohio
Arkansas                     Oklahoma
California                   Oregon
Colorado                     Pennsylvania
Connecticut                  Rhode Island
Delaware                     South Carolina
Florida                      South Dakota
Georgia                      Tennessee
Hawaii                       Texas
Idaho                        Utah
Illinois                     Vermont
Indiana                      Virginia
Iowa                         Washington
Kansas                       West Virginia
Kentucky                     Wisconsin
Louisiana                    Wyoming
Maine                        District of Columbia
Maryland                     Australia
Massachusetts                Brazil
Michigan                     Canada
Minnesota                    France
Mississippi                  Germany
Missouri                     Hong Kong
Montana                      Israel
Nebraska                     Japan
Nevada                       Mexico
New Hampshire                Netherlands
New Jersey                   Singapore
New Mexico                   United Kingdom
New York
</TABLE>

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                                                                     Page 8 of 8<PAGE>

                                                                    EXHIBIT 10.1

                       CLEAR CHANNEL COMMUNICATIONS, INC.

                                       AND

                              THE BANK OF NEW YORK,

                                   as Trustee

                           ---------------------------

                       SEVENTEENTH SUPPLEMENTAL INDENTURE

                         Dated as of September 20, 2004

                                       TO

                                SENIOR INDENTURE

                           Dated as of October 1, 1997

                           ---------------------------

                           5.5% Senior Notes due 2014
<PAGE>

                                                                               2

                  Seventeenth Supplemental Indenture, dated as of the 20th day
            of September 2004 (this "Seventeenth Supplemental Indenture"),
            between Clear Channel Communications, Inc., a corporation duly
            organized and existing under the laws of the State of Texas
            (hereinafter sometimes referred to as the "Company") and The Bank of
            New York, a New York banking corporation, as trustee (hereinafter
            sometimes referred to as the "Trustee") under the Indenture dated as
            of October 1, 1997, between the Company and the Trustee (the
            "Indenture"); as set forth in Section 5.01 hereto and except as
            otherwise set forth herein, all terms used and not defined herein
            are used as defined in the Indenture.

      WHEREAS, the Company executed and delivered the Indenture to the Trustee
to provide for the future issuance of its Securities, to be issued from time to
time in series as might be determined by the Company under the Indenture, in an
unlimited aggregate principal amount which may be authenticated and delivered
thereunder as in the Indenture provided;

      WHEREAS, pursuant to the terms of the Indenture, the Company desires to
provide for the establishment of a new series of its Securities to be known as
its 5.5% Senior Notes due 2014 (said series being hereinafter referred to as the
"Notes"), the form of such Notes and the terms, provisions and conditions
thereof to be as provided in the Indenture and this Seventeenth Supplemental
Indenture;

      WHEREAS, the Company desires and has requested the Trustee to join with it
in the execution and delivery of this Seventeenth Supplemental Indenture, and
all requirements necessary to make this Seventeenth Supplemental Indenture a
valid instrument, enforceable in accordance with its terms, and to make the
Notes, when executed by the Company and authenticated and delivered by the
Trustee, the valid obligations of the Company have been performed and fulfilled,
and the execution and delivery of this Supplemental Indenture and the Notes have
been in all respects duly authorized.

      NOW, THEREFORE, in consideration of the purchase and acceptance of the
Notes by the holders thereof, and for the purpose of setting forth, as provided
in the Indenture, the form of the Notes and the terms, provisions and conditions
thereof, the Company covenants and agrees with the Trustee as follows:

                                    ARTICLE I

                    General Terms and Conditions of the Notes

      SECTION 1.01. (a) There shall be and is hereby authorized a series of
Securities designated the "5.5% Senior Notes due 2014", initially limited in
aggregate principal amount to $750,000,000. Without the consent of the Holders
of the Notes, the aggregate principal amount of the Notes, Notes may be
increased in the future, on the same terms and conditions and with the same
CUSIP number as the Notes. The Notes shall mature and the principal thereof
shall be due and payable, together with all accrued and unpaid interest thereon
on September 15, 2014.

      SECTION 1.02. The Notes shall be initially issued as Global Securities.
Principal and interest on the Notes issued in certificated form will be payable,
the transfer of such Notes will be registrable and such Notes will be
exchangeable for Notes, bearing identical terms and provisions at the office or
agency of the Company in the Borough of Manhattan, The City

<PAGE>

                                                                               3

and State of New York provided for that purpose and transfers of the Notes will
also be registrable at any of the Company's other offices or agencies as the
Company may maintain for that purpose; provided, however, that payment of
interest may be made at the option of the Company by check mailed to the
registered holder at such address as shall appear in the Security Register and
that the payment of principal with respect to the Notes will only be made upon
surrender of the applicable Notes to the Trustee.

      SECTION 1.03. Each Note will bear interest at the rate of 5.5% per annum
from September 20, 2004 until the principal thereof becomes due and payable,
payable (subject to the provisions of Article II) semi-annually in arrears on
March 15 and September 15 of each year (each, an "Interest Payment Date",
commencing on March 15, 2005), to the person in whose name such Note (or one or
more Predecessor Securities) are registered at the close of business on the
Regular Record Date for such interest installment, which, except as set forth
below, shall be, March 1 or September 1 next preceding the Interest Payment Date
with respect to such interest installment. Any installment of interest not
punctually paid or duly provided for shall forthwith cease to be payable to the
registered holder of Notes on such Regular Record Date and may be paid to the
person in whose name such Notes (or one or more Predecessor Securities) are
registered at the close of business on a Special Record Date to be fixed by the
Trustee for the payment of such defaulted interest, notice whereof to be given
to the registered holders of the Notes, as applicable, not less than 10 days
prior to such Special Record Date, or may be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which the Notes may be listed, and upon such notice as may be required by
such exchange, all as more fully provided in the Indenture.

      The amount of interest payable for any period will be computed on the
basis of a 360-day year consisting of twelve 30-day months. In the event that
any date on which interest is payable on the Notes is not a Business Day, then
payment of interest payable on such date will be made on the next succeeding day
which is a Business Day (and without any interest or other payment in respect of
any such delay).

      SECTION 1.04. The Notes are not entitled to any sinking fund.

      SECTION 1.05. Section 101 of the Indenture is hereby amended, solely with
respect to the Notes, by amending and restating the definition of "Principal
Property" as follows: "Principal Property" means any radio broadcasting,
television broadcasting, outdoor advertising or live entertainment property
located in the United States owned or leased by the Company or any Subsidiary,
unless, in the opinion of the Board of Directors of the Company, such properties
are not in the aggregate of material importance to the total business conducted
by the Company and its Subsidiaries as an entirety.

                                   ARTICLE II

                        Optional Redemption of the Notes

SECTION 2.01. The Notes will be redeemable as a whole at any time or in part
from time to time, at the option of the Company, at a redemption price equal to
the greater of (i) 100% of the principal amount of such Notes and (ii) the sum
of the present values of the remaining scheduled payments of principal and
interest thereon from the redemption date to September 15, 2014, discounted to
the redemption date on a semiannual basis (assuming a 360 day year consisting of
twelve 30-day months) at the Treasury Rate (as defined below) plus 25 basis
points, plus, in either case, any interest accrued but not paid to the date of
redemption. Notice of any redemption

<PAGE>
                                                                               4

will be mailed at least 30 days but no more than 60 days before the redemption
date to each holder of the Notes to be redeemed. Unless the Company defaults in
payment of the redemption price, on and after the redemption date interest will
cease to accrue on the Notes or portions thereof called for redemption. The
Notes will not be subject to any sinking fund provision.

      "Treasury Rate" means, with respect to any redemption date for the Notes,
(i) the yield, under the heading which represents the average for the
immediately preceding week, appearing in the most recently published statistical
release designated "H.15(519)" or any successor publication which is published
weekly by the Board of Governors of the Federal Reserve System and which
establishes yields on actively traded United States Treasury securities adjusted
to constant maturity under the caption "Treasury Constant Maturities," for the
maturity corresponding to the Comparable Treasury Issue (if no maturity is
within three months before or after the maturity date, yields for the two
published maturities most closely corresponding to the Comparable Treasury Issue
shall be determined and the Treasury Rate shall be interpolated or extrapolated
from such yields on a straight line basis, rounding to the nearest month), or
(ii) if such release referred to in clause (i) (or any successor release) is not
published during the week preceding the calculation date or does not contain the
yields referred to above, the rate per year equal to the semiannual equivalent
yield maturity of the Comparable Treasury Issue, calculated using a price for
the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for such redemption date. The
Treasury Rate shall be calculated on the third Business Day preceding the
redemption date.

      "Comparable Treasury Issue" means the United States Treasury security
selected by an "Independent Investment Banker" as having a maturity comparable
to the remaining term of the Notes to be redeemed that would be utilized, at the
time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the
remaining term of such Notes.

      "Independent Investment Banker" means, with respect to any redemption date
for the Notes, Citigroup Global Markets Inc. and Wachovia Capital Markets, LLC,
and their successors or, if both of such firms or successor to such firms, as
the case may be, are unwilling or unable to select the Comparable Treasury
Issue, an independent investment banking institution of national standing
appointed by the Trustee after consultation with the Company.

      "Comparable Treasury Price" means, with respect to any redemption date for
the Notes, (i) the average of four Reference Treasury Dealer Quotations (as
defined below) for the redemption date, after excluding the highest and lowest
such Reference Treasury Dealer Quotations, or (ii) if the Trustee obtains fewer
than four such Reference Treasury Dealer Quotations, the average of all such
quotations obtained.

      "Reference Treasury Dealer" means Citigroup Global Markets Inc. and
another primary U.S. Government securities dealer in New York City selected by
Wachovia Capital Markets, LLC, and two other primary U.S. Government securities
dealers in New York City (each, a "Primary Treasury Dealer") appointed by the
Trustee in consultation with the Company. If any of the foregoing shall cease to
be a Primary Treasury Dealer, the Company shall substitute therefor another
Primary Treasury Dealer.

      "Reference Treasury Dealer Quotations" means, with respect to each
Reference Treasury Dealer and any redemption date, the average, as determined by
the Trustee, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its

<PAGE>
                                                                               5

principal amount) quoted in writing to the Trustee by such Reference Treasury
Dealer at 5:00 p.m. on the third Business Day preceding such redemption date.

                                   ARTICLE III

                                  Form of Notes

      SECTION 3.01. The Notes and the Trustee's Certificate of Authentication to
be endorsed thereon are to be substantially in the following forms:

      UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.

      THIS SECURITY IS A GLOBAL SECURITY AS REFERRED TO IN THE INDENTURE
HEREINAFTER REFERENCED. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR
THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY
OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR
A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

                       CLEAR CHANNEL COMMUNICATIONS, INC.
                     5.5% SENIOR NOTE DUE SEPTEMBER 15, 2014

REGISTERED                                                               $ [   ]

NO. R-[ ]                                                            CUSIP [   ]

                                                                      ISIN [   ]

      CLEAR CHANNEL COMMUNICATIONS, INC., a corporation duly organized and
existing under the laws of the State of Texas (herein called the "Company",
which term includes any successor under the Indenture hereinafter referred to),
for value received, hereby promises to pay to

                                   Cede & Co.

or registered assigns, the principal sum of $[ ] at the office or agency of the
Company in the Borough of Manhattan, The City of New York, on September 15, 2014
in such coin or currency of the United States of America as at the time of
payment shall be legal tender for the payment of public and private debts, and
to pay interest on said principal sum semiannually on March 15 and September 15
of each year, commencing March 15, 2005 (each an "Interest Payment Date"), at

<PAGE>
                                                                               6

said office or agency, in like coin or currency, at the rate per annum specified
in the title hereof, from March 15 and September 15, as the case may be, next
preceding the date of this Note to which interest on the Notes has been paid or
duly provided for (unless the date hereof is the date to which interest on the
Notes has been paid or duly provided for, in which case from the date of this
Note), or if no interest has been paid on the Notes or duly provided for, from
September 20, 2004 until payment of said principal sum has been made or duly
provided for. Notwithstanding the foregoing, if the date hereof is after the 1st
day of any March or September and before the next succeeding March 15 and
September 15, this Note shall bear interest from such March 15 or September 15,
as the case may be; provided, however, that if the Company shall default in the
payment of interest due on such March 15 or September 15, then this Note shall
bear interest from the next preceding March 15 or September 15 to which interest
on the Notes has been paid or duly provided for, or, if no interest has been
paid on the Notes or duly provided for, from September 20, 2004. The interest so
payable, and punctually paid or duly provided for, on any March 15 or September
15 will, except as provided in the Indenture dated as of October 1, 1997, as
supplemented to the date of this Note (herein called the "Indenture"), duly
executed and delivered by the Company and The Bank of New York, as Trustee
(herein called the "Trustee"), be paid to the Person in whose name this Note (or
one or more Predecessor Securities) is registered at the close of business on
the next preceding March 1 or September 1, as the case may be (herein called the
"Regular Record Date"), whether or not a Business Day, and may, at the option of
the Company, be paid by check mailed to the registered address of such Person.
Any such interest which is payable, but is not so punctually paid or duly
provided for, shall forthwith cease to be payable to the registered Holder on
such Regular Record Date and may be paid either to the Person in whose name this
Note (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee, notice whereof shall be given to Holders of the Notes
not less than 10 days prior to such Special Record Date, or may be paid at any
time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Notes may be listed and upon such notice as may
be required by such exchange, if such manner of payment shall be deemed
practical by the Trustee, all as more fully provided in the Indenture.
Notwithstanding the foregoing, in the case of interest payable at Stated
Maturity, such interest shall be paid to the same Person to whom the principal
hereof is payable. Interest on the Notes will be computed on the basis of a
360-day year consisting of twelve 30-day months.

      The Bank of New York will be the Paying Agent and the Security Registrar
with respect to the Notes. The Company reserves the right at any time to vary or
terminate the appointment of any Paying Agent or Security Registrar, to appoint
additional or other Paying Agents and other Security Registrars which may
include the Company, and to approve any change in the office through which any
Paying Agent or Security Registrar acts; provided that there will at all times
be a Paying Agent in The City of New York and there will be no more than one
Security Registrar for the Notes.

      This Note is one of the duly authorized issue of debentures, notes, bonds
or other evidences of indebtedness (hereinafter called the "Securities") of the
Company, of the series hereinafter specified, all issued or to be issued under
and pursuant to the Indenture, to which Indenture and any other indentures
supplemental thereto reference is hereby made for a statement of the respective
rights, limitations of rights, obligations, duties and immunities thereunder of
the Trustee and any agent of the Trustee, any Paying Agent, the Company and the
Holders of the Securities and the terms upon which the Securities are issued and
are to be authenticated and delivered.

<PAGE>
                                                                               7

      The Securities may be issued in one or more series, which different series
may be issued in various aggregate principal amounts, may mature at different
times, may bear interest (if any) at different rates, may be subject to
different redemption provisions (if any), may be subject to different covenants
and Events of Default and may otherwise vary as provided or permitted in the
Indenture. This Note is one of the series of Securities of the Company issued
pursuant to the Indenture and designated as the 5.5% Senior Notes due September
15, 2014 (herein called the "Notes").

      The Notes will be redeemable as a whole at any time or in part from time
to time, at the option of the Company, at a redemption price equal to the
greater of (i) 100% of the principal amount of such Notes and (ii) the sum of
the present values of the remaining scheduled payments of principal and interest
thereon from the redemption date to September 15, 2014, discounted to the
redemption date on a semiannual basis (assuming a 360 day year consisting of
twelve 30-day months) at the Treasury Rate (as defined below) plus 25 basis
points, plus, in either case, any interest accrued but not paid to the date of
redemption. Notice of any redemption will be mailed at least 30 days but no more
than 60 days before the redemption date to each holder of the Notes to be
redeemed. Unless the Company defaults in payment of the redemption price, on and
after the redemption date interest will cease to accrue on the Notes or portions
thereof called for redemption. The Notes will not be subject to any sinking fund
provision.

      "Treasury Rate" means, with respect to any redemption date for the Notes,
(i) the yield, under the heading which represents the average for the
immediately preceding week, appearing in the most recently published statistical
release designated "H.15(519)" or any successor publication which is published
weekly by the Board of Governors of the Federal Reserve System and which
establishes yields on actively traded United States Treasury securities adjusted
to constant maturity under the caption "Treasury Constant Maturities," for the
maturity corresponding to the Comparable Treasury Issue (if no maturity is
within three months before or after the maturity date, yields for the two
published maturities most closely corresponding to the Comparable Treasury Issue
shall be determined and the Treasury Rate shall be interpolated or extrapolated
from such yields on a straight line basis, rounding to the nearest month), or
(ii) if such release referred to in clause (i) (or any successor release) is not
published during the week preceding the calculation date or does not contain the
yields referred to above, the rate per year equal to the semiannual equivalent
yield maturity of the Comparable Treasury Issue, calculated using a price for
the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for such redemption date. The
Treasury Rate shall be calculated on the third Business Day preceding the
redemption date.

      "Comparable Treasury Issue" means the United States Treasury security
selected by an "Independent Investment Banker" as having a maturity comparable
to the remaining term of the Notes to be redeemed that would be utilized, at the
time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the
remaining term of such Notes.

      "Independent Investment Banker" means, with respect to any redemption date
for the Notes, Citigroup Global Markets Inc. and Wachovia Capital Markets, LLC,
and their successors or, if both of such firms or successor to such firms, as
the case may be, are unwilling or unable to select the Comparable Treasury
Issue, an independent investment banking institution of national standing
appointed by the Trustee after consultation with the Company.

      "Comparable Treasury Price" means, with respect to any redemption date for
the Notes, (i) the average of four Reference Treasury Dealer Quotations (as
defined below) for the

<PAGE>
                                                                               8

redemption date, after excluding the highest and lowest such Reference Treasury
Dealer Quotations, or (ii) if the Trustee obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such quotations obtained.

      "Reference Treasury Dealer" means Citigroup Global Markets Inc. and
another primary U.S. Government securities dealer in New York City selected by
Wachovia Capital Markets, LLC, and two other primary U.S. Government securities
dealers in New York City (each, a "Primary Treasury Dealer") appointed by the
Trustee in consultation with the Company. If any of the foregoing shall cease to
be a Primary Treasury Dealer, the Company shall substitute therefor another
Primary Treasury Dealer.

      "Reference Treasury Dealer Quotations" means, with respect to each
Reference Treasury Dealer and any redemption date, the average, as determined by
the Trustee, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in
writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m. on the
third Business Day preceding such redemption date.

      If an Event of Default with respect to the Notes shall occur and be
continuing, the principal of all of the Notes may be declared due and payable in
the manner, with the effect and subject to the conditions provided in the
Indenture.

      The Indenture permits, with certain exceptions as therein provided, the
Company and the Trustee to enter into supplemental indentures to the Indenture
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of the Indenture or of modifying in any manner
the rights of the Holders of the Securities of each series under the Indenture
with the consent of the Holders of not less than a majority in principal amount
of the Securities at the time Outstanding of each series to be affected thereby
on behalf of the Holders of all Securities of such series, to waive compliance
by the Company with certain provisions of the Indenture and certain past
defaults and their consequences with respect to such series under the Indenture.
Any such consent or waiver by the Holder of this Note shall be conclusive and
binding upon such Holder and upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange here for or
in lieu hereof, whether or not notation of such consent or waiver is made upon
this Note or such other Notes.

      No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the place, rate and respective times and in the coin or currency herein and in
the Indenture prescribed.

      As provided in the Indenture and subject to the satisfaction of certain
conditions therein set forth, including the deposit of certain trust funds in
trust, the Company shall be deemed to have paid and discharged the entire
indebtedness represented by, and the obligations under, the Securities of any
series and to have satisfied all the obligations (with certain exceptions) under
the Indenture relating to the Securities of such series.

      The Notes are issuable in registered form without coupons in denominations
of $1,000 and any integral multiple of $1,000. Notes may be exchanged for a like
aggregate principal amount of Notes of other authorized denominations at the
office or agency of the Company in the Borough of Manhattan, The City of New
York, designated for such purpose or at any of the Company's other offices or
agencies as the Company may maintain for such purpose and in the manner and
subject to the limitations provided in the Indenture.

<PAGE>
                                                                               9

      Upon due presentment for registration of transfer of this Note at the
office or agency of the Company in the Borough of Manhattan, The City of New
York designated for such purpose or at any of the Company's other offices or
agencies as the Company may maintain for such purpose, a new Note or Notes of
authorized denominations for a like aggregate principal amount will be issued to
the transferee in exchange therefor, subject to the limitations provided in the
Indenture.

      No charge shall be made for any such transfer or exchange, but the Company
may require payment of a sum sufficient to cover any tax or other governmental
charge imposed in connection therewith.

      The Company, the Trustee and any agent of the Company or the Trustee may
treat the Person in whose name this Note is registered as the owner hereof for
all purposes, whether or not this Note is overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

      Unless otherwise defined herein, all terms used in this Note which are
defined in the Indenture shall have the meanings assigned to them in the
Indenture.

      This Note shall be construed in accordance with and governed by the laws
of the State of New York.

      Unless the certificate of authentication hereon has been manually executed
by or on behalf of the Trustee under the Indenture, this Note shall not be
entitled to any benefits under the Indenture, or be valid or obligatory for any
purpose.

<PAGE>
                                                                              10

      IN WITNESS WHEREOF, CLEAR CHANNEL COMMUNICATIONS, INC. has caused this
Note to be duly executed.

                              CLEAR CHANNEL COMMUNICATIONS, INC.

                              by ____________________________
                                    Name:
                                    Title:

[Company Seal]         by_________________________________
                                    Name:
                                    Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

      This is one of the Securities of the series designated therein referred to
in the within-mentioned Indenture.

                              THE BANK OF NEW YORK,
                                    as Trustee,

Dated: _________       by ______________________________
                                    Authorized Signatory

<PAGE>
                                                                              11

                            __________________________

                                  ABBREVIATIONS

      The following abbreviations, when used in the inscription on the face of
this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

  TEN COM--as tenants in common
  TEN ENT--as tenants by the entireties
  JT TEN--as joint tenants with right of survivorship and not as tenants in
  common
  UNIF GIFT MIN ACT--...........Custodian.........
                                    (Cust) (Minor)
                        Under Uniform Gifts to Minors Act

                    __________________________________________
                                     (State)

                    Additional abbreviations may also be used
                          though not in the above list.

                          __________________________

      FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s), and
transfer(s) unto

____________________________________
:                                                  :
:_____________________:

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE:

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF
ASSIGNEE:
_____________________________________________________________

<PAGE>
                                                                              12

__________________________________________________ the within Note and all
rights thereunder, hereby irrevocably constituting and appointing
______________________________ attorney to transfer said Note on the books of
the Company, with full power of substitution in the premises.

Dated: ________________             ________________________
                                    Signature Guaranty
_________________________
        Signature                   Signatures must be guaranteed by an
(Signature must correspond with     "eligible guarantor institution" meeting the
the name as written upon the        requirements of the Registrar, which
face of the within instrument in    requirements include membership or
every particular, without           participation in the Security Transfer Agent
alteration or enlargement or        Medallion Program ("STAMP") or such other
any change whatever.)               "signature guarantee program" as may be
                                    determined by the Registrar in addition to,
                                    or in substitution for, STAMP, all in
                                    accordance with the Securities Exchange Act
                                    of 1934, as amended.
<PAGE>
                                                                              13

                                   ARTICLE IV

                             Original Issue of Notes

      SECTION 4.01. Notes in the aggregate principal amount equal to
$750,000,000 may, upon execution of this Seventeenth Supplemental Indenture, be
executed by the Company and delivered to the Trustee for authentication, and the
Trustee shall thereupon authenticate and make available for delivery said Notes
to or upon a Company Order.

                                    ARTICLE V

                            Miscellaneous Provisions

      SECTION 5.01. Except as otherwise expressly provided in this Seventeenth
Supplemental Indenture or in the forms of the Notes or otherwise clearly
required by the context hereof or thereof, all terms used herein or in said
forms of the Notes that are defined in the Indenture shall have the several
meanings respectively assigned to them thereby.

      SECTION 5.02. The Indenture, as supplemented by this Seventeenth
Supplemental Indenture, is in all respects ratified and confirmed. This
Seventeenth Supplemental Indenture shall be deemed part of the Indenture in the
manner and to the extent herein and therein provided.

      SECTION 5.03. The recitals herein contained are made by the Company and
not by the Trustee, and the Trustee assumes no responsibility for the
correctness thereof. The Trustee makes no representation as to the validity or
sufficiency of this Seventeenth Supplemental Indenture.

      SECTION 5.04. This Seventeenth Supplemental Indenture may be executed in
any number of counterparts each of which shall be an original; but such
counterparts shall together constitute but one and the same instrument.

<PAGE>

                                                                              14

      IN WITNESS WHEREOF, the parties hereto have caused this Seventeenth
Supplemental Indenture to be duly executed as of the day and year first above
written.

                              CLEAR CHANNEL COMMUNICATIONS, INC.,

                              by: /s/ Mark P. Mays
                                  --------------------------------------------
                                  Name: Mark P. Mays
                                  Title:President, Chief Operating Officer and
                                        Interim Chief Executive Officer

                              THE BANK OF NEW YORK, as Trustee

                              by: /s/ Van K. Brown
                                  -------------------------------------------
                                  Name: Van K. Brown
                                  Title: Vice President

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