Preview | Employment Agreement |

The Employees term of employment starts on the Effective Date of this Agreement and ends on the close of business on December 31, 2006 (the Employment Period or Term of Employment). However, beginning on December 31, 2006, the Employment Period shall be automatically extended from day to day for twelve months, so that commencing on January 1, 2007 and continuing for so long thereafter as Employee is employed hereunder, there will always be exactly one year remaining in the Term of Employment hereunder, until either party terminates in accordance with Section 7. The term Employment Period or Term of Employment shall refer to the Employment Period if and as so extended. Upon the closing of the proposed spin-off of the Entertainment business from Clear Channel Communications, Inc., as announced on April 29, 2005, this Agreement shall automatically be assigned by Company to, and assumed by CCE Spinco, Inc. (or other name as such entity may assume, and referred herein as CCE Spinco), the parent entity for the newly independent, publicly traded company.

(a) The Employees title is Chief Financial Officer. 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 the President and CEO of Company, currently Michael Rapino. The Employee will devote his full working time and efforts to the business and affairs of Company.

(b) Exclusive Services. During employment with the Company, Employee shall not be employed elsewhere, nor shall he engage in any competitive activity and, except as set forth in the preceding clause (a) of this Section 2, shall not render any services to any other person or business, or acquire any interest of any type in any other business which is in competition with Company, provided, however, that the foregoing shall not be deemed to prohibit Employee from acquiring, solely as an investment, (i) up to 10% of any securities of a partnership, trust, corporation or other entity so long as Employee remains a passive investor in such entity and such entity is not, directly or indirectly, in competition with Company or (ii) up to 5.0% of the outstanding equity interests of any publicly held company.

(a) Employee shall remain on the Clear Channel Entertainment (Theatrical) UK Limited payroll and will continue to be paid by Clear Channel Entertainment (Theatrical) UK Limited from the Effective Date to the 31^st day of December, 2005. During this time period, Employee will continue to be entitled to the same salary and United Kingdom benefits as under his previous contract with Clear Channel Entertainment (Theatrical) UK Limited.

(b) Base Salary. Effective January 1, 2006, the Company will pay the Employee an annual base salary of $400,000.00 (Base Salary). The Employee will be eligible for annual raises of his Base Salary commensurate with Company policy. All payments of Base Salary will be made in installments according to the Companys regular payroll practice, prorated monthly or weekly where appropriate, and subject to any increases that are determined to be appropriate by the Companys Board of Directors or its Compensation Committee.

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