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CCMO > SEC Filings for CCMO > Form 8-K on 13-Sep-2013All Recent SEC Filings

Show all filings for CC MEDIA HOLDINGS INC



Change in Directors or Principal Officers, Financial Statements and Exhibit

Item 5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As previously disclosed, Thomas W. Casey served as Executive Vice President and Chief Financial Officer of CC Media Holdings, Inc. and its subsidiaries Clear Channel Capital I, LLC, Clear Channel Communications, Inc. ("CCU") and Clear Channel Outdoor Holdings, Inc. until July 29, 2013. In connection with Mr. Casey's termination of employment, on September 11, 2013 CCU and Mr. Casey entered into a Severance Agreement and General Release (the "Agreement") pursuant to which CCU agreed to pay Mr. Casey: (1) $198,000, representing the amount previously earned by Mr. Casey pursuant to a supplemental incentive plan with respect to 2012 performance, and (2) as provided in Mr. Casey's previous Employment Agreement dated December 15, 2009 (the "Employment Agreement"), and in exchange for the Agreement and Mr. Casey's release of claims and provided that Mr. Casey does not revoke the Agreement: (a) a prorated annual bonus with respect to the days he was employed during 2013, calculated as provided in the Employment Agreement; (b) an "equity value preservation payment" equal to $5,000,000; and (c) a $2,700,000 severance payment paid over 18 months. However, if Mr. Casey violates the non-compete provision of Section 7 of the Employment Agreement during the 18-month period above (but without regard to whether Mr. Casey's activities are within or outside the non-compete area specified in such provision), the severance payments referred to in (c) above shall cease.

The foregoing summary is qualified in its entirety by reference to the text of the Agreement, a copy of which is included as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

10.1   Severance Agreement and General Release by and
       between Clear Channel Communications, Inc. and
       Thomas W. Casey, dated September 11, 2013.

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