iHeartMedia 2009 Annual Report Download - page 179
Download and view the complete annual report
Please find page 179 of the 2009 iHeartMedia annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169 -
170 -
171 -
172 -
173 -
174 -
175 -
176 -
177 -
178 -
179 -
180 -
181 -
182 -
183 -
184 -
185 -
186 -
187 -
188
 |
 |
Exhibit 10.45
CLEAR CHANNEL COMMUNICATIONS, INC.
200 East Basse Road
San Antonio, TX 78209
January 20, 2009
Mr. Mark P. Mays
200 East Basse Road
San Antonio, TX 78209
Re: Amendment to Amended and Restated Employment Agreement
Dear Mr. Mays:
This letter memorializes the terms of the agreement (“Amendment”) we have reached to amend the terms of your Amended and
Restated Employment Agreement (“Employment Agreement”) with Clear Channel Communications, Inc. (the “Company”), as
successor to BT Triple Crown Merger Co., Inc. and CC Media Holdings, Inc. (“Holdings”), effective July 28, 2008. The parties have
agreed as follows:
1. Section 5(a) of the Employment Agreement is hereby amended to read in its entirety as follows:
(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”). 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”). Unless the Board of Holdings and Executive mutually agree otherwise, the amount of the Performance Bonus
for each year during the Employment Period subsequent to 2008 shall be calculated in accordance with the schedule set forth below.