iHeartMedia 2003 Annual Report Download - page 144
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EXHIBIT 10.20 - EMPLOYMENT AGREEMENT
EMPLOYMENT AGREEMENT
This Employment Agreement is entered into this 18th day of February 2004
effective the 1st day of February, 2004 (the "Effective Date") between Clear
Channel Broadcasting, Inc. (the "Company") and Paul Meyer (the "Employee").
WHEREAS, the Company and the Employee desire to enter into an employment
relationship under the terms and conditions set forth in this Agreement;
NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein contained and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties agree as follows:
1. TERM OF EMPLOYMENT.
The Employee’s current Term of employment starts on the Effective Date,
above, and ends on January 31, 2006 unless neither party has given the notice
described in Section 7(c)or 7(d), below. If such notice has not been given on or
before January 31, 2005 the Term shall automatically extend, beginning February
1, 2005, one day at a time, until such notice has been given.
2. TITLE AND DUTIES.
The Employee’s title is President and Chief Executive Officer, Clear
Channel Outdoor. The Employee will perform job duties that are usual and
customary for this position, and will perform additional services and duties
that the Company may from time to time designate that are consistent with the
usual and customary duties of this position. The Employee will report to Mark
Mays, President and Chief Operating Officer, Clear Channel Broadcasting, Inc.
The Employee will devote his full working time and efforts to the business and
affairs of Clear Channel Outdoor.
3. COMPENSATION AND BENEFITS
(a) BASE SALARY. The Company will pay the Employee an annual base salary
of $475,000 for the period from February 1, 2004 through January 31, 2005; and
$500,000 for the period from February 1, 2005 through January 31, 2006. The
Employee will be eligible for additional annual raises after January 31, 2006
commensurate with Company policy. All payments of base salary will be made in
installments according to the Company’s regular payroll practice, prorated
monthly or weekly where appropriate, and subject to any increases that are
determined to be appropriate by the Board or its Compensation Committee
(b) PERFORMANCE BONUS. No later than March 31 of each calendar year during
the term, Employee will be eligible to receive a performance bonus as set forth
in the Performance Bonus Calculation attached as "Exhibit A" to this Employment
Agreement.
(c) EMPLOYMENT BENEFIT PLANS. The Employee will be entitled to participate
in all pension, profit sharing, and other retirement plans, all incentive
compensation plans, and all